ED, Hyderabad has provisionally attached immovable properties in the form of land parcels and buildings worth Rs 4.60 Crore under the PMLA, 2002, in a bank fraud case of M/s Sri Krishna Stockists & Traders Private Limited and its Directors. The present market value of these properties is Rs. 18.42 Crore.

The Directorate of Enforcement (ED) Hyderabad Zonal Office has provisionally attached immovable properties worth Rs 4.60 crore under the Prevention of Money Laundering Act (PMLA), 2002, in a bank fraud case involving M/s Sri Krishna Stockists & Traders Private Limited and its directors. The properties are valued at Rs 18.42 crore. ED initiated the investigation based on complaints from lending banks, including IFCI, IDBI, and Canara Bank, which alleged that SKSTPL and its associate firm SKAIPL had availed large loans by providing false balance sheets and forged valuation reports.

The ED revealed that SKSTPL's Managing Director Thota Kanna Rao secured Rs 313 crore in credit facilities from the banks during 2014-15, primarily for constructing a storage facility for agricultural produce. The credit facilities were secured through mortgage of inflated immovable properties and stocks. Investigation found that the loan amounts were withdrawn in cash, laundered by the accused to purchase land parcels.

ED had earlier attached 57 land parcels worth Rs 37.38 crore on August 3, 2022. Prosecution complaints have been filed against the accused, including Thota Kanna Rao, before the Hon'ble CBI Court, Nampally, Hyderabad. Further investigation is ongoing.