Properties worth over Rs. 3.31 crore belonging to an industrialist, Grandhi Eswara Rao, and his family, were attached by the Enforcement Directorate officials in Hyderabad, on Friday, in a bank fraud case.
Already, immovable properties valued at Rs. 5.44 crore were attached by officials in the case in March 2014 and it was confirmed by the Prevention of Money Laundering Act Adjudicating Authority.
A criminal case was filed by the CBI’s Bank Fraud Cell, Bangalore, against M/s Sarita Steels and Industries Limited owned by Mr. Rao and others on charge of misusing letters of credit facility resulting in a loss of Rs. 8.81 crore to the State Bank of India.
They were accused of causing loss to the bank by furnishing false documents. Investigations revealed that Mr. Rao wrongfully gained Rs. 8.81 crore, a statement from the ED said.
According to the statement, he had sold properties of the company to lead others to believe the company had no properties.
The Enforcement Directorate officials identified properties equal to the value of the proceeds of the fraud.
