Hyderabad: The Enforcement Directorate (ED) has provisionally attached assets with a book value of ₹19.11 crore and a market value of ₹71.61 crore. These assets belong to Nerella Venkata Rama Mohan Rao and others, linked to a case of cheating IDBI Bank with fake Kisan Credit Card (KCC) Fish Tank loans.
The attached properties include agricultural lands, commercial sites, and plots in Andhra Pradesh and Telangana, and a bank account balance of ₹15.55 lakh. These properties are registered in the names of aggregators, their family members, and benamis (fronts).
The investigation began after an FIR by the CBI in Visakhapatnam, accusing Nerella Venkata Rama Mohan Rao and 10 others of fraudulently taking KCC Fish Tank loans from IDBI Bank’s Rajahmundry Branch. They obtained loans totaling ₹311.05 crore in the names of 350 borrowers.
The ED found that 11 aggregators, including Nerella Venkata Rama Mohan Rao, conspired with IDBI Bank officials to get KCC Fish Tank loans using fake documents. The loans were taken in the names of employees, relatives, benamis, and farmers who were not eligible. The collateral securities’ value was also inflated with the help of valuers.
The loan amounts were diverted from borrowers’ accounts to the aggregators through cash withdrawals and bank transfers. The funds were used to buy properties in the names of the aggregators and their family members, invest in other businesses, and repay old loans. The properties bought with the fraudulent loan money were used as collateral to get more loans and The ED continues its investigation into the matter.
