Enforcement Directorate attaches properties of businessman, wife, daughters
The Enforcement Directorate has attached properties worth Rs 3.31 crore
By : DC Correspondent
Update: 2015-01-31 08:12 GMT
Hyderabad: The Enforcement Directorate has attached properties worth Rs 3.31 crore of industrialist Grandhi Eswara Rao, the chairman and MD of Sarita Steels and Industries and that of his wife and daughters under the Prevention of Money Laundering Act.
The CBI’s Bengaluru unit filed a charge sheet against the company and its promoters alleging that they had misused loans from banks using fabricated documents without actually purchasing goods.
ED joint director K.S.V.V. Prasad said the case was charge sheeted in 2007 by the CBI against Sarita Steels, G. Eswara Rao and others alleging gross misuse of letters of the credit sanctioned by the State Bank of India using false documents without any actual purchase or movement of goods causing a loss of Rs 8.81 crore to the bank.
“The investigation by Enforcement Directorate under PMLA revealed that the company and its promoters had gained Rs 8.81 crore wrongfully. Investigations revealed that the company has no operations or assets. Mr Rao had sold the assets of the company to create the impression that company has no properties. In turn he pledged the same with banks. The Enforcement Directorate identified properties equivalent to the proceeds,” the ED said.
The properties in Anthakapalle, VR Agraharam of Rajam mandal in Srikakkulam district and KRM Colony in Vishakapantam were attached by the Enforcement Directorate.