Famous Telugu film producer Allu Aravind was questioned by the Enforcement Directorate (ED) for more than three hours in Hyderabad. The questioning was related to a bank fraud and money laundering case worth Rs 101.4 crore. This case is linked to two companies – Ramakrishna Electronics and Ramakrishna Teletronics (RTPL).
The ED’s Hyderabad office has been investigating this case and has already conducted searches in Hyderabad, Kurnool, and Ghaziabad. These searches are part of an ongoing probe into the alleged misuse and illegal use of bank loan money. The case began after the Union Bank of India (earlier known as Andhra Bank) filed a complaint. The bank said that the group took loans and used the money for illegal activities instead of business purposes.
The Central Bureau of Investigation (CBI) in Bengaluru had also registered an FIR against Ramakrishna Electronics, RTPL, and their directors or partners – V Raghavendra, V Ravi Kumar, and others. These companies were involved in selling and marketing mobile phones. They had taken a loan under the Open Cash Credit (OCC) facility. However, they allegedly misused the loan by transferring the money through a web of internal company transactions and giving money to the promoters and their families.
During their investigation, the ED found several suspicious documents related to properties possibly bought with the stolen money. They also froze about Rs 1.45 crore in various bank accounts linked to the accused and their companies. The ED also seized digital devices and records of payments made to foreign countries.
According to the ED, the two brothers – V Raghavendra and V Ravi Kumar – were the main people involved in planning and executing the fraud. They allegedly worked with others to misuse the loan funds.
Allu Aravind’s role in the case is still being looked into. His questioning was part of a larger investigation to understand how deep the connections go and who else may be involved. So far, there is no official statement from Aravind or his representatives.
The ED has said that the investigation is still ongoing. More people could be questioned or arrested as the case progresses.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
