HYDERABAD: The Hyderabad unit of the Enforcement Directorate (ED) has frozen Rs 1.45 crore lying in banks in a money laundering case it has been investigating.
The domestic law enforcement and economic intelligence agency also conducted search operations at various locations in Hyderabad, Kurnool and Ghaziabad following the registration of a bank fraud case against M/s Ramakrishna Electronics, M/s Ramakrishna Teletronics Pvt Ltd (RTPL) and others.
The FIR was registered by the CBI-BS, Bengaluru against the firms and their directors — V Raghavendra, V Ravi Kumar and others — based on a complaint of loan fraud filed by Union Bank of India. The bank accused the firm, represented by its directors, of diverting loan funds to the tune of Rs 101.48 crore and misappropriating them. The group was engaged in the business of trading and marketing of cell phones.
The ED investigation revealed that RTPL and Ramakrishna Electronics were enjoying OCC limit from Union Bank of India (erstwhile Andhra Bank).
It further revealed that Raghavendra and Ravi Kumar are siblings and directors in REPL. They allegedly conspired with others to divert the funds to the accounts of their family members, by entering into suspicious third party transactions etc.
During the search, the ED seized digital devices and incriminating documents which indicate foreign payments made by the directors.