The Enforcement Directorate (ED) has attached assets worth ₹100 crore of a businessman and his family members for allegedly duping IDBI Bank by taking Kisan Credit Card (KCC) loans.
The accused has been identified as Rebba Satyanarayana. The properties attached by the agency include agricultural land, fish ponds, commercial sites, plots and flats in Andhra Pradesh and Telangana besides bank balance.
The ED’s money laundering probe is based on a first information report filed by the Central Bureau of Investigation against Satyanarayan and others for allegedly taking a KCC fish tank loan of Rs 112.41 crore in the name of “benami” borrowers.
According to the agency, the accused along with bank officials and others hatched a conspiracy to sanction loans in the name of his family members, relatives and acquaintances. The money was first transferred to the savings accounts of the borrowers opened by him and then, most of the amount was withdrawn in cash and handed over to him.
Satyanarayana used the money to repay earlier loans taken by the entities he controlled; Buying property under different names; and investing in other export-import businesses, as alleged. The properties purchased by him in the name of his relatives and others were again mortgaged to get other loans.
“He is a habitual delinquent, taking cyclical loans to repay old loans and diverting part of the sanctioned loans to run his various ‘benami’ ventures,” the agency said, adding that he has Incorporated an entity in Jersey, United States. and exported seafood/cultured prawns worth more than $24,00,000 from its domestic company to a foreign company, pending export realisation. This matter is also being investigated.
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