The Enforcement Directorate (ED), Hyderabad Zonal Office, conducted searches at various locations in Hyderabad, Kurnool, and Ghaziabad as part of an investigation into a money laundering case involving Ramakrishna Electronics and Ramakrishna Teletronics (RTPL), among others, in connection with a bank fraud case.
The ED initiated the investigation based on a complaint filed by Union Bank of India, alleging fraudulent diversion of loan funds amounting to 101.4 crore and their misuse for criminal purposes. This action was taken following an FIR registered by the CBI, Bengaluru against Ramakrishna Electronics, Ramakrishna Teletronics, and their directors/partners, namely V Raghavendra, V Ravi Kumar, and others.
The Ramakrishna Group primarily operated in the trading and marketing of mobile phones. During the searches, the ED seized documents related to several properties suspected to have been acquired through illegal means. Additionally, approximately 1.45 crore was frozen in the bank accounts of the directors/partners and their associated companies. Digital devices and incriminating documents, including those pertaining to foreign payments made by the directors, were also seized.
Further investigations by the ED revealed that RTPL and Ramakrishna Electronics had been availing open cash credit (OCC) limits from Union Bank of India (previously known as Andhra Bank). It was discovered that V Raghavendra and V Ravi Kumar, the brothers who were key figures in the group, misused and diverted the loan funds in collaboration with others. They employed various methods, such as diverting the funds to the accounts of promoters/directors and their family members, as well as engaging in inter-group transactions.