Hyderabad bar owner gets five-year sentence for money laundering in bank loan fraud

Hyderabad’s Enforcement Directorate secured a five-year conviction under the PMLA against L. Srinivas Goud for obtaining a fraudulent loan from Federal Bank using forged documents and impersonation. He was fined Rs 25,000, and the bank suffered a loss of Rs 44.8 lakh

Hyderabad: The Enforcement Directorate (ED), Hyderabad officials have secured a conviction in a money laundering case involving fraudulent bank loans obtained through impersonation and forged documents.

The MSJ Court in Nampally on Wednesday, sentenced L Srinivas Goud, proprietor of Mallika Inn Bar & Restaurant, to five years of rigorous imprisonment under the Prevention of Money Laundering Act (PMLA). The court also imposed a fine of Rs 25,000 each on Goud and his firm.

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According to the ED officials, Goud fraudulently availed a loan from Federal Bank by fabricating his mother’s property documents and using an impostor to impersonate her. The loan, projected as a housing and renovation loan, was diverted for other purposes, causing a Rs 44.8 lakh loss to the bank.

During trial, Goud repeatedly evaded court hearings, leading to multiple non-bailable warrants.
After weeks of surveillance, ED located and nabbed him in October. His bail pleas were subsequently rejected, and he remained in judicial custody until the conviction was pronounced.