The Enforcement Directorate (ED) on Wednesday said that it has filed a charge sheet against Polepalli Venkat Prasad, PBR Poultry Tech and others in connection with a Prevention of Money Laundering (PMLA) case related to multi-crore bank fraud.
The charge sheet was filed before special PMLA Court, Visakhapatnam which has taken cognisance of the matter.
Others who have been chargesheeted are PBR Poultry Tech, PBR Agri Tech Private Limited, Bhupathiraju Krishna Mohan Raju the then Branch Manager, Indian Overseas Bank, Veerabadrapuram Branch, Penmetsa Venkata Krishna Srinivasa Raju, the then panel valuer for IOB.
The ED initiated money-laundering investigation on the basis of the FIR registered by the CBI under various sections of Indian Penal Code read with Section 13(2) r/w 13(d) of Prevention of Corruption Act.
The ED investigation inter-alia revealed that PBR Poultry Tech availed term loan for construction of shed, purchase of plant and machineries and working capital in connivance with Bhupathiraju Krishna Mohan Raju but did not utilise the loan proceeds for the intended purpose.
It also learnt during the investigation that PBR Agri Tech Private Limited, a sister concern of PBR Poutry Tech Limited also availed term loan and cash credit loan from Andhra Bank, Venkatraipuram, Tanuku for construction of sheds and purchase of Plant and Machineries but did not repay the loan to the bank.
“Prasad, in connivance with B. K. Mohan Raju also availed Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Loans in the names of his five relatives by submitting the fake documents and cheated the bank. Certain portion of the above loans were diverted for purchasing the immovable properties in the name of partners of PBR Poultry Tech. All the above loans were declared NPA by the banks and thereby caused total loss of Rs. 17.27 crore to the Public Sector Bank,” the ED said.
The ED had earlier attached the properties of Prasad and others to the tune of Rs 7.57 core.
Further investigation in the matter is on.