Hyderabad, March 13 – The Enforcement Directorate (ED), Hyderabad Zonal Office, has provisionally attached two immovable properties worth approximately Rs 35.05 crore in a bank fraud case against BNR Infra and Leasing, Elite Infra Projects Pvt Ltd, and others.
The properties, attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, belong to Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal, and consist of land parcels and residential flats.
The ED initiated an investigation under PMLA, 2002, based on two FIRs registered by the CBI, EOW, Chennai, and the CBI, ACB, Hyderabad, under various Sections of the Indian Penal Code and the Prevention of Corruption Act.
These FIRs relate to the fraudulent availing of credit facilities by BNR Infra and Leasing and Elite Infra Projects Pvt Ltd from the State Bank of India and Bank of Maharashtra, respectively, through the submission of forged documents, misrepresentation of ownership and status of collateral properties, and concealing material facts relating to disputed land titles.
The central agency stated in a press release that the fraud resulted in wrongful losses of approximately Rs 8.20 crore to the State Bank of India and Rs 26.86 crore to the Bank of Maharashtra.
The ED investigation revealed that the promoters and directors of the two entities, in a criminal conspiracy with associates, obtained bank loans by mortgaging properties that were either agricultural land falsely presented as non-agricultural or properties that were already in dispute and lacked clear title. Forged documents, including fake land conversion certificates and fabricated declarations regarding ownership and encumbrances, were submitted to the banks to secure credit facilities.
The ED investigation further revealed that, in furtherance of the conspiracy, a fabricated agreement relating to construction activity was created between the accused persons and Comfort Securities Ltd, represented by its Director, Anil Beniprasad Agarwal, for the purpose of obtaining a bank guarantee of Rs 1 crore from the SBI. The bank guarantee was subsequently dishonestly invoked and encashed despite the fact that no genuine construction activity or contractual obligation existed.
Through this fraudulent invocation, the accused persons caused wrongful loss to the bank and corresponding wrongful gain to themselves.
The investigation revealed that substantial amounts of the fraudulently obtained loan proceeds were routed through various group companies and entities controlled by the accused persons, and were ultimately used for repayment of unrelated liabilities, diversion to other firms, and acquisition of assets.
The ED said that further investigation is underway.