Rs 300cr fraud: ED raids AP Mahesh Bank and its managements

Hyderabad: The Enforcement Directorate on Wednesday raided the AP Mahesh Bank head office at Banjara Hills as also the residence and offices of its chairman Ramesh Kumar Bung linked to irregularities of Rs 300 crore in the bank.

The ED collected documents related to regular banking of the past few years at the bank headquarters and five other places.

Ramesh Bung, Umesh Chand and Purushottam Das allegedly forged documents and indulged in illegal disbursement of loans worth over Rs 300 crore.

Years ago, the shareholders association filed a complaint under Section 200 of the CrPC before a magistrate court, seeking its direction to the police. The court referred the petition to the police and the Banjara Hills police was asked to register an FIR. The ED action came now.

ED is likely to summon the AP Mahesh Bank management for questioning.

On January 24, 2022, fraudsters committed a theft of Rs 12 crore by transferring funds from this bank’s accounts. RBI subsequently found violations of the security system of the bank and imposed a penalty of Rs 65 lakh on the bank.