Bank loan fraud: ED arrests 2 on money laundering charges in Hyderabad

By: |
New Delhi | Published: January 15, 2020 1:37:59 PM

G S C Raju, promoter of Leo Meridian Infrastructure Projects and Hotels Ltd (LMIPHL), and his close associate A V Prasad were arrested under the Prevention of Money Laundering Act (PMLA) and have now been remanded to ED custody, the agency said in a statement.

Bank loan fraud, Bank loan scam, loan fraud case, hyderabad bank fraud, Hyderabad, money laundering caseThe case pertains to the accused fraudulently availing loans, in connivance with others, from a consortium of banks and subsequent default of loans to the tune of Rs 1,768 crore, it said.

The Enforcement Directorate on Wednesday said it has arrested two persons in Hyderabad in connection with a money laundering probe case linked to an alleged over Rs 1,700 crore bank loan fraud case.

G S C Raju, promoter of Leo Meridian Infrastructure Projects and Hotels Ltd (LMIPHL), and his close associate A V Prasad were arrested under the Prevention of Money Laundering Act (PMLA) and have now been remanded to ED custody, the agency said in a statement.

The case pertains to the accused fraudulently availing loans, in connivance with others, from a consortium of banks and subsequent default of loans to the tune of Rs 1,768 crore, it said.

“Investigation so far has unearthed 33 shell companies and more than forty contractors in this case,” the ED said. The Enforcement Directorate filed the criminal case under PMLA after studying 3 FIRs of the CBI against the accused.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Bandhan Bank profit zooms 121% on Gruh merger impact, lower provisions
2IndusInd Bank Q3 net rises 33%; asset quality worsens
3Another PMC Bank: RBI steps in to curb withdrawal limit, assures depositors at the same time