Rs. 152.9 Crore Loan Scam: ED Seizes Properties, Cash in Multi-State Raids:

Rs. 152.9 Crore Loan Scam: ED Seizes Properties, Cash in Multi-State Raids The Enforcement Directorate (ED) has flagged and provisionally attached immovable properties and assets valued at over Rs. 100 crore in connection with a Rs. 152.9 crore bank fraud case. During raids connected to the scam, authorities also seized cash of Rs. 10 lakh and recovered incriminating documents. The scam revolves around a fake scheme in which accused individuals collected Aadhaar and other identity documents from farmers under the pretext of helping them access compensation. Instead, these documents were used to open fake loan accounts in farmers’ names at various branches of Corporation Bank. Around 212 accounts were opened, each with loans of Rs. 49 to Rs. 50 lakh. The money was stolen, which turns the accounts into bad loans and makes huge losses for both the bank and the farmers.

Also Read

ED Files Chargesheet Against Raj Kundra in Rs 150 Crore Bitcoin Scam

Simultaneous raids were conducted in Nagpur and Bhandara in Maharashtra, as well as in Guntur, Andhra Pradesh. Officials uncovered property documents, digital devices, frozen bank balances, insurance policies, and other evidence. The attached properties include lands, buildings, and holdings registered in the names of the accused or their associates. The cash seizure of Rs. 10 lakh occurred during on-site searches. The accused, identified as Ramana Rao Bolla and Nutan Singh, allegedly connected with bank officials to execute the fraud. In multiple cases, bank staff reportedly assisted in creating fraudulent accounts by bypassing standard verification processes. The ED has filed a prosecution complaint before a special PMLA court in Kolkata and has arrested the principal accused.

Also Read

Court Refuses Bail in Rs 5.90 Crore GST Credit Fraud Case

The case highlights big problems in lending, especially in rural and farming areas. The criminals took advantage of farmers’ documents and weak rules to commit fraud. The ED has seized valuable assets, sending a strong message that illegally earned money will be targeted. However, Investigations are still going on, as authorities try to find the rest of the money, recover what was stolen, and hold everyone involved, including any bank staff who helped the accused.