New Delhi, Oct 21 (UNI) Enforcement Directorate (ED) on Wednesday said that it has provisionally attached 27 immovable properties, located in and around Hyderabad and Vijayawada, of Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath, their family members and associates worth Rs 11.05 crore, having current market value of Rs 33.39 crore under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a pisciculture bank loan fraud case.
ED initiated its probe based on FIR registered by the Bangaluru branch of Central Bureau of Investigation (CBI) against the Managing Director of Venus Aqua Foods Limited Nimmagadda Ramakrishna and other Directors for defrauding Union Bank of India (erstwhile Andhra Bank), Gudivada branch to the tune of Rs 36.97 Crore.
Investigation conducted under PMLA revealed that Venus Aqua Foods Limited had availed Rs 19.44 Crore 'Fish Tank Loans' from Union Bank of India (erstwhile Andhra Bank), Gudivad by furnishing forged and fabricated documents including fake lease documents for 470 acres of fish farms, the probe agency officials said.