Visakhapatnam, Sep 3
The Directorate of Enforcement (ED)has provisionally attached assets valued at Rs 2.22 crore under the Prevention of Money Laundering Act (PMLA) in a case of cheating of Canara Bank, Kancharapalem branch, Visakhapatnam, by taking fraudulent Kisan Credit Card Fish Tank loans.
The assets provisionally attached by Visakhapatnam Sub-Zonal Office include immovable assets having a value of Rs. 2.20 crore and movable properties valued at Rs. 1.36 Lakh.
ED investigation revealed that DVK Kumar utilised Rs. 4.57 crore out of the Rs. 5.50 Crore KCC Fish Tank loan sanctioned to the said three borrowers and was the ultimate beneficiary.
Part of the proceeds of crime was utilised by DVK Kumar for the acquisition of immovable properties in the name of his wife, Dodla Suneetha.