Enforcement Directorate (ED) Finds Rs 2.22 Crore in Assets Linked to Kisan Credit Card Loan Fraud in Visakhapatnam
In a major crackdown on loan fraud, the Enforcement Directorate (ED) has temporarily seized assets worth approximately Rs 2.22 crore in Visakhapatnam. The investigation uncovers a complex case involving fake Kisan Credit Card (KCC) fish tank loans and money laundering.
The seized assets include both property and cash, with the majority being immovable assets valued at Rs 2.20 crore. These properties are registered in the name of Dodla Venkata Krishna Kumar and his wife Dodla Suneetha. The assets include residential flats, plots, and bank balances. The ED found that Kumar had used funds from the fraudulent KCC loans for personal and business purposes.
The case started after an FIR was filed by the Crime Investigation Department (CID) in Andhra Pradesh. The FIR named several individuals, including loan borrowers Devasani Nirmala, Adari Chandrakala, Kovvuri Srinivas, and Dodla Venkata Krishna Kumar, accusing them of submitting fake documents to obtain large loans.
Specifically, Kovvuri Srinivas and Adari Chandrakala allegedly swindled Rs 80 lakh and Rs 2.5 crore respectively by providing fake lease agreements and passbooks. Devasani Nirmala also took a Rs 2.2-crore KCC fish tank loan but defaulted on repayments.
ED’s investigation revealed that Venkata Krishna Kumar was the main beneficiary, having used over Rs 4.57 crore of the Rs 5.50 crore sanctioned to the borrowers. The money was withdrawn in cash or diverted to accounts of Kumar’s friends and relatives. He then used the funds for personal expenses and business activities.
Part of the stolen money was also used to buy properties in the name of his wife, Dodla Suneetha.
The investigation is ongoing, and authorities continue to probe the case to uncover more details about the money laundering and loan fraud.
Stay tuned for more updates on this high-profile case of loan fraud and asset attachment in Visakhapatnam.
