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The Enforcement Directorate (ED) has provisionally attached immovable assets having market value of Rs 20.31 crore belonging to accused Mada Subrahmanyam, Mada Srinivasa Rao, Ganduri Mallikharjuna Rao, Eluri Prasada Rao, their family members and firms under the money laundering act in connection to the case of fraudulent loans obtained from IDBI Bank, Guntur branch.The investigation was initiated under on the basis of 4 FIRs registered by the Central Bureau of Investigation (CBI), Anti Corruption Branch, Visakhapatnam and Hyderabad against these individuals and others for fraudulently availing Kisan Credit Card (KCC) loans from IDBI Bank for fish farming.Investigations revealed that four aggregators -- Mada Subrahmanyam, Mada Srinivasa Rao, Ganduri Mallikharjuna Rao, and Eluri Prasada Rao conspired with Chandra Sekhar Harish Chennappagari, the then manager of IDBI Bank, Guntur branch and in furtherance of the conspiracy, the said aggregators fraudulently availed Kisan Credit Card loans totaling to Rs 57.10 crore from IDBI Bank for fish farming in the names of 247 borrowers who were their family members, employees and persons known to them by giving their properties as collateral securities and misappropriated the loans sanctioned to the borrowers.The probe also revealed that part of the proceeds of the crime -- loan amounts sanctioned to the borrowers was utilised by the aforesaid aggregators for purchasing several immovable properties in their names and in the names of other persons known to them.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :ED attaches assets worth Rs 20.31 crore in IDBI Bank loan fraud case

The Enforcement Directorate (ED) has provisionally attached immovable assets having market value of Rs 20.31 crore belonging to accused ... ...