Hyderabad: Enforcement Directorate attaches properties of Rebba Satyanarayana
Hyderabad: Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth Rs.100 crore belonging to Rebba Satyanarayana and his family members under Prevention of Money Laundering Act (PMLA)- 2002 for allegedly cheating IDBI bank by taking fraudulent fish tank Kisan Credit Card (KCC) loans. The attached assets are in the form of agricultural lands, […]
Hyderabad: Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth Rs.100 crore belonging to Rebba Satyanarayana and his family members under Prevention of Money Laundering Act (PMLA)- 2002 for allegedly cheating IDBI bank by taking fraudulent fish tank Kisan Credit Card (KCC) loans.
The attached assets are in the form of agricultural lands, fish ponds, commercial sites, plots and flats in Andhra Pradesh and Telangana; and bank Balance, according to ED press release.
The ED initiated money laundering investigation on the basis of FIR registered by ACB/CBI, Visakhapatnam under sections of IPC against Satyanarayana and others for fraudulently availing KCC fish tank loans in the names of 143 benami borrowers from IDBI Bank, Rajahmundry branch to the tune of Rs.112.41 crore.
Investigation under PMLA revealed that Satyanarayana was the aggregator and end beneficiary of all the KCC loans sanctioned to the borrowers and that he had conspired with the officials of IDBI bank and others and had availed loans in the names of his family members, relatives and acquaintances totaling to Rs.112.41 crore.
The KCC loan amounts were first transferred to borrowers and savings accounts opened by Satyanarayana in their names and later on, most of the loan amount were withdrawn in cash and handed over to Satyanarayana which he utilized for repayment of earlier loans availed by entities in his/relatives/benami names but controlled by him only, purchase of properties in the names of himself and relatives as well as in benami names and investment in his other export-import businesses being run by him and in the name of relatives and benamis.
Investigation revealed that properties purchased by Satyanarayana in his relatives and benami names were again used to mortgage for getting other loans in their other business entities.
The press release further stated that he was a habitual offender, who was taking cyclical loans to repay old loans and divert portions of sanctioned loans to run his various benami ventures. He fraudulently availed loans from banks by pledging and mortgaging properties and for repayment of the same, either he used to avail fresh loans or used to settle said loan under OTS in a cycled manner.
Investigation also revealed that he had incorporated a foreign entity in New Jersey, USA and exported sea food/cultured prawns worth of more than $24,00,000 from his domestic entity to the said foreign entity, which is pending for export realization.
This non realization of the export is also suspected, the press release added.
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