Daijiworld Media Network - New Delhi
New Delhi, Mar 13: The Enforcement Directorate (ED) has provisionally attached two immovable properties valued at Rs 35.05 crore in connection with an alleged bank fraud case involving BNR Infra and Leasing and Elite Infra Projects Pvt Ltd.
According to the ED’s Hyderabad Zonal Office, the attachment was carried out under the provisions of the Prevention of Money Laundering Act, 2002. The seized assets include a land parcel and a residential flat linked to Beereddy Narasimha Reddy and Anil Beniprasad Aggarwal.
The money laundering investigation was initiated based on two FIRs registered by the Central Bureau of Investigation units in Chennai and Hyderabad. The cases were filed under sections of the Indian Penal Code and the Prevention of Corruption Act.
Investigators alleged that the two firms fraudulently obtained credit facilities from State Bank of India and Bank of Maharashtra by submitting forged documents and misrepresenting details about collateral properties. Authorities said the alleged fraud caused losses of about Rs 8.20 crore to SBI and Rs 26.86 crore to Bank of Maharashtra.
The ED probe found that promoters and directors of the companies, along with associates, secured loans by mortgaging properties that were either agricultural land falsely shown as non-agricultural or properties already involved in ownership disputes. Fake land conversion certificates and fabricated declarations about ownership and encumbrances were reportedly submitted to the banks to obtain the loans.
Officials also uncovered a purported construction agreement between the accused and Comfort Securities Ltd, represented by its director Anil Beniprasad Aggarwal. The agreement was allegedly fabricated to secure a Rs 1 crore bank guarantee from SBI. Investigators said the guarantee was later dishonestly invoked and encashed despite there being no actual construction project or contractual obligation.
According to the ED, funds obtained through the alleged fraud were routed through several group companies and entities linked to the accused. The money was reportedly used to settle unrelated liabilities, transfer funds to other firms, and acquire assets.
The agency said further investigation into the case is ongoing.