31 July 2024

The Directorate of Enforcement (ED) in Hyderabad has provisionally attached assets worth Rs. 19.11 Crore (book value) and Rs. 71.61 Crore (market value) from Nerella Venkata Rama Mohan Rao and associates. This action relates to a case of fraudulent Kisan Credit Card (KCC) Fish Tank loans from IDBI Bank. The assets include agricultural lands, commercial properties, and bank account balances.

The investigation, based on an FIR by the CBI, reveals that Rao and ten others fraudulently secured Rs. 311.05 Crore in loans by using fake documents and diverting funds for personal gain. These funds were used to acquire properties and invest in other ventures. The ED’s investigation is ongoing.