HYDERABAD: The ED, Hyderabad Zonal Office, has provisionally attached two immovable properties worth Rs 35.05 crore under the Prevention of Money Laundering Act in a bank fraud case involving BNR Infra and Leasing, Elite Infra Projects and others.
The properties belong to Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal and include a land parcel and a residential flat. The probe is based on FIRs registered by CBI units in Chennai and Hyderabad.
Officials said the companies fraudulently obtained loans from State Bank of India and Bank of Maharashtra by submitting forged documents and misrepresenting collateral ownership. The fraud caused losses of Rs 8.20 crore to SBI and Rs 26.86 crore to Bank of Maharashtra.
Investigators found that fake land documents and fabricated agreements were used to secure loans and encash a Rs 1 crore bank guarantee. Loan proceeds were diverted through group entities for other liabilities.