Hyderabad: The Directorate of Enforcement (ED) has attached immovable properties worth Rs 35.05 crore belonging to Beereddy Narsimha Reddy and Anil Beniprasad Agarwal in connection with a bank fraud and money laundering case.
The action was taken as part of an investigation into a money laundering case registered against BNR Infra and Leasing and Elite Infra Projects Private Limited, both based in Hyderabad.
According to officials, the companies allegedly committed several irregularities, including misrepresenting agricultural land as non-agricultural land, creating forged NALA (Non-Agricultural Land Assessment) documents, and falsifying land ownership records. These allegedly fabricated documents were used as collateral to secure loans from the State Bank of India (SBI) and the Bank of Maharashtra.
Investigations revealed that after obtaining the loans, the accused diverted the funds to accounts of other companies and individuals and used the money to purchase immovable properties.
As a result of the alleged fraud, SBI incurred a loss of Rs 8.2 crore, while Bank of Maharashtra suffered a loss of Rs 26.86 crore.
Two FIRs filed by CBI
The case was initially registered by the Central Bureau of Investigation (CBI), which filed two FIRs in connection with the fraud. Based on those FIRs, the ED launched its money laundering probe under the Prevention of Money Laundering Act (PMLA) and subsequently attached the properties linked to the accused.
Officials said the investigation into the case is ongoing.
