ED files prosecution complaint against pvt firm, ex-Andhra Bank manager in multi-crore fraud case
May 10, 2022
Visakhapatnam (Andhra Pradesh) [India], May 10 : Enforcement Directorate (ED) has filed a prosecution complaint before the Special Court at Visakhapatnam against a private firm and its managing director, former chief manager of Andhra Bank and others in a case related to multi-crore bank fraud.
The prosecution complaint has been filed against M/s Venus Aqua Foods Limited, its Managing Director Nimmagadda Ramakrishna, S Ramchander Rao (the then Chief Manager of Andhra Bank) and others under the Prevention of Money-laundering Act (PMLA), 2002 in a case related to multi-crore bank fraud.
The special PMLA Court, Visakhapatnam took cognizance of the prosecution complaint on Monday.
ED initiated a money-laundering investigation on the basis of FIR registered under by CBI BS and FC, Bangalore under various sections of IPC and Prevention of Corruption Act.
ED investigation revealed that M/s Venus Aqua Foods Limited, its directors and their family members and relatives have availed loan for cultivating pisciculture activities and agriculture cash credit loans (AGLCC) from Andhra Bank in connivance with the chief manager of Andhra Bank but did not utilise the loan proceeds for the intended purpose.
Investigation revealed that loans were withdrawn in cash and diverted to repay old loans and purchase immovable properties in the name of directors of M/s Venus Aqua Foods Limited and their family members. The money was even diverted to produce a Tollywood Movie by name
'Aakashame Haddu' and thereby caused a loss of Rs 54.64 crore (including interest) to
the Public Sector Bank, said ED.
ED had earlier attached the properties of Nimmagadda Ramakrishna and others to the tune of Rs 13.75 crore.
