Rs.5 crore fraud in Canara Bank, ED seized Property
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A big KCC loan fraud has been reported in Canara Bank. Kovvuri Srinivas and Smt. Adari Chandrakala obtained Kisan Credit Card (fish) loans of ₹80 lakh and ₹2.50 crore, respectively, by submitting fake lease agreements and passbooks. Similarly, Smt. Devasani Nirmala availed a KCC (fish) loan of ₹2.20 crore and later defaulted on repayment.
Canara Bank filed a complaint of Fraud and Forgery against the customer. CID investigated the case but soon the case was transferred to ED. CID filed an official FIR with the ED and ED started the investigation in the case. The FIR and chargesheet was filed against Smt. Devasani Nirmala, Smt. Adari Chandrakala, Kovvuri Srinivas, and DVK Kumar, among others.
Now, the Directorate of Enforcement (ED), Visakhapatnam Sub-Zonal Office, has provisionally attached immovable assets worth ₹2.20 crore and movable assets valued at ₹1.36 lakh under the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets, including a residential flat, plots, and bank balances, are in the name of Dodla Venkata Krishna Kumar (DVK Kumar) and his wife, Mrs. Dodla Suneetha. Investigations revealed that Kumar diverted Kisan Credit Card (KCC) Fish Tank loan funds, availed fraudulently from Canara Bank’s Kancharapalem branch, Visakhapatnam, for his personal and business use.
Findings of ED Investigation
The ED probe revealed that out of the total ₹5.50 crore KCC loan sanctioned to the three borrowers, ₹4.57 crore was diverted and ultimately utilised by DVK Kumar. The loan amounts were withdrawn in cash and transferred to accounts of Kumar’s relatives and associates before being used for his personal and business purposes.
Further, part of the proceeds of crime was invested by Kumar in the purchase of immovable properties in the name of his wife, Mrs. Dodla Suneetha.
The case involves large-scale misuse of the KCC loan scheme meant for fish farming. The attached assets are considered proceeds of crime, and further investigation is underway.
More details will be released soon.