a day ago
Ramakrishna Electronics' bank fraud: ED grills Allu Aravind
Hyderabad: Sleuths of the ED on Friday grilled Tollywood producer Allu Aravind in connection with a Rs 101.4 crore bank fraud and a money laundering case linked to Ramakrishna Electronics and Ramakrishna Teletronics (RTPL).
Sources said that Aravind was grilled for over three hours, especially regarding his alleged links to Ramakrishna Electronics and Ramakrishna Telotronics, which are accused of securing massive loans from Union Bank of India in 2018-19. The two firms reportedly obtained Rs101 crore in loans, which they diverted for personal use and not for any legitimate business purposes.
During investigations, Aravind's name surfaced in several property transactions and financial dealings related to these companies. Following the initial round of questioning, ED officials issued fresh summons to Aravind directing him to appear before the agency next week.
The ED's Hyderabad zonal office conducted searches across Hyderabad, Kurnool, and Ghaziabad as part of its probe into the alleged diversion and misappropriation of loan funds.
They seized documents related to properties suspected to have been bought with the proceeds of crime, froze about Rs 1.45 crore in bank accounts of the accused and their companies, and recovered digital devices and records of foreign payments.
Siblings V Raghavendra and V Ravi Kumar are the key figures in the group and they allegedly misused the loans in connivance with others.
