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ED Attaches Rs. 18.33 Crore in Assets in Rice Mill Loan Fraud Case
Hyderabad, November 10 (Najaf Ali Shoukat-PMI): The Enforcement Directorate (ED) has taken action in the Kallam Modern Rice Mills case, attaching immovable properties worth Rs. 18.33 crore belonging to Kallam Peri Reddy, his family members, and associates.
The properties, located in Andhra Pradesh and Telangana, have been attached under the Prevention of Money Laundering Act (PMLA) in connection with an alleged bank loan fraud.
According to the ED investigation, the group companies had obtained loans amounting to Rs. 24.57 crore from the State Bank of Hyderabad (SBH) between 2010 and 2013 by mortgaging allegedly fake and forged property documents.
The Kallam Modern Rice Mills group is accused of causing a loss of Rs. 18.33 crore to the bank. Investigators found that loans were obtained in the names of Kallam Modern Rice Mills, Sri Ramabrahma Modern Rice Mills and Sri Vinayaka Traders.
The ED also found that around 26 entities were allegedly operated in the names of relatives, employees and associates. According to the investigation, Rs. 23.81 crore was withdrawn from the cash credit accounts of the three firms. The withdrawals were reportedly made in the names of workers, accountants and Kallam Peri Reddy.
The agency further alleged that several immovable properties were purchased using the loan proceeds and subsequently transferred to relatives and associates without any actual payment. The relatives allegedly acted as benami or nominal owners, while Kallam Peri Reddy was identified as the actual beneficiary.
Details of Assets Attached
The ED has attached the following properties:
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50 immovable properties: Valued at Rs. 16.88 crore.
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Five flats: Valued at Rs. 1.45 crore.
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Total attached assets: Rs. 18.33 crore.
The ED initiated its investigation based on an FIR registered by the CBI’s Economic Offences Wing (EOW), Chennai. (pressmediaofindia.com)
