Hyderabad: Directorate of Enforcement (ED), Hyderabad Zonal Office conducted search operations at various locations in Hyderabad, Kurnool and Ghaziabad in a money laundering case being investigated against Ramakrishna Electronics, Ramakrishna Teletronics Pvt Ltd (RTPL), and others in a case of bank fraud.
The Enforcement Directorate initiated investigation on the basis of an FIR registered by the CBI-BS & FB, Bangalore, against Ramakrishna Electronics; Ramakrishna Teletronics Private Limited and its directors/partners namely V Raghavendra, V Ravi Kumar, and others based on a complaint of loan fraud filed by Union Bank of India. It has been alleged that the accused fraudulently diverting loan funds to the tune of Rs. 101.48 crore. Ramakrishna Group was engaged in the business of trading, marketing of cell phones, especially Samsung/Sony products etc.
Enforcement Directorate investigation revealed that RTPL and Ramakrishna Electronics were enjoying OCC limit from Union Bank of India (in undivided Andhra Bank). It was further revealed that the brothers, V Raghavendra and V Ravi Kumar, directors of REPL were the key persons of this group who conspired with others and misused the loan funds and diverted the same by employing various modus operandi. They allegedly diverted the funds to the accounts of promoters/directors and their family members by entering into inter group transactions, by non-routing of business sales proceeds entirely though lender bank, by entering into suspicious third party transaction etc.
Search operations led to the discovery and seizure of documents related to several properties which are suspected to have been acquired out of proceeds of crime. Further, an amount of around Rs 1.45 crore lying in the bank accounts of directors/partners and their associated entities were also frozen which are suspected to be proceeds of crime. Digital devices and incriminating documents were also seized which, inter alia, indicate foreign payments made by the Directors, the ED Officials stated.
Further investigation is under progress.
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