Film producer Allu Aravind questioned by ED in major bank fraud investigation
HYDERABAD: Film producer Allu Aravind appeared before the Enforcement Directorate in connection with the Ramakrishna Electronics and Ramakrishna Teletronics bank fraud case on Friday. They allegedly diverted around `100 crore they received as loans to other firms.
The ED registered an ECIR based on the FIR registered by the Central Bureau of Investigation, Bengaluru following a complaint filed by the Union Bank of India.
The ED conducted searches at the two firms in several locations, including Hyderabad, Kurnool and Ghaziabad in 2024 and reportedly seized `1.45 crore and digital evidence.
The ED officials summoned Allu Arvind again next week.
Meanwhile, the film producer clarified that he had a minor share in a property bought by another person in 2017. He further said that ED registered a case against the seller for defaulting on a bank loan he had taken on the property.
He said that he had nothing to do with the money laundering case.