Dynamite News ED raids at 6 locations in Andhra Pradesh, Telangana under PMLA Act
The search operations were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Read further on Dynamite News:
New Delhi: The Directorate of Enforcement (ED) conducted search operations at six locations in Andhra Pradesh and Telangana, said a press release by the ED on Saturday. The raids were conducted on Wednesday.
"The search operations were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an investigation regarding fraud in the sanction of loans under the Kisan Credit Card (KCC) to farmers for the construction of fish tanks," said the official statement.
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"Digital devices and various incriminating documents were recovered and seized during the search operations," added the official statement.
As per the official release, the ED initiated the investigation based on the FIR registered by the Central Bureau of Investigation (CBI) and Anti-Corruption Bureau (ACB), Visakhapatnam, under various sections of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988, alleging large-scale fraud at IDBI Bank, Rajahmundry Branch, East Godavari District, Andhra Pradesh, in connection with the processing and sanctioning of short-term loans (KCC) to farmers of fish farming and pisciculture for the construction of ponds and tanks.
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The press note further mentioned that the ED investigation revealed that the accused persons took KYC documents, blank checks, etc. from their employees, known persons, farmers, etc. on the pretext of salary payment through banking channels, medical reimbursement, provident funds, etc.
The press note further mentioned that the searches were conducted at the residences and office premises of loan aggregators, which resulted in the recovery and seizure of digital devices and incriminating documents revealing numerous immovable and movable properties acquired from the proceeds of crime. (with ANI inputs)