The Enforcement Directorate (ED), Hyderabad Zonal Office, has provisionally attached two properties worth Rs 35.05 crore in connection with a bank fraud case involving BNR Infra and Leasing, Elite Infra Projects Pvt Ltd, and others. These properties, linked to Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal, include a land parcel and a residential flat. The ED’s action is under the Prevention of Money Laundering Act (PMLA), 2002.
ED’s investigation, triggered by FIRs filed by CBI, EOW, Chennai, and CBI, ACB, Hyderabad, focuses on the fraudulent acquisition of credit facilities by BNR Infra and Leasing and Elite Infra Projects Pvt Ltd from State Bank of India and Bank of Maharashtra. The fraud involved submitting forged documents, misrepresentation of ownership, and concealment of material facts related to disputed land titles. This led to significant losses for the banks.
According to the ED, the fraud scheme orchestrated by the promoters and directors of the companies, along with their associates, involved obtaining bank loans by pledging properties with false agricultural to non-agricultural projections or disputed titles. Fake documents, including land conversion certificates and ownership declarations, were used to secure credit facilities. Additionally, a fake agreement for construction activity was created to obtain a bank guarantee of Rs 1 crore from SBI, which was dishonestly invoked despite no genuine construction happening.
The ED’s investigation uncovered that the fraudulently obtained loan funds were channeled through various entities controlled by the accused for repayment of unrelated debts, diversion to other companies, and asset acquisitions. The agency stated that further investigations are ongoing.
