7 months ago
1
The Directorate of Enforcement (ED) has completed the restitution of assets worthy ₹56.13 crore (present marketplace value) to IDBI Bank successful transportation with 2 large wealth laundering cases involving large-scale fraud successful Kisan Credit Card (KCC) loans for food pond operation successful Andhra Pradesh.
The assets, comprising 155 parcels of land, residential and commercialized plots, and apartments successful Andhra Pradesh and Telangana, were restored pursuing orders dated September 15 and 18, 2025, by the Special PMLA Court successful Visakhapatnam. The restitution was made nether Section 8(8) of the Prevention of Money Laundering Act, 2002, aft IDBI Bank filed petitions to retrieve its losses from the fraud.
The ED’s probe stemmed from CBI FIRs against Rebba Satyanarayana and Kumar Pappu Singh, on with definite IDBI officials, for defrauding the bank’s Bhimavaram and Palangi branches. The probe revealed that the duo acted arsenic indebtedness aggregators, arranging KCC loans totalling ₹181.87 crore successful 2010–11 and 2011–12 successful the names of 230 fake borrowers, including their household members, employees and associates, utilizing forged documents.
Investigators recovered that the duo diverted the funds to acquisition properties and marque investments. The full proceeds of transgression successful the cases were estimated astatine ₹234.23 crore, of which properties worthy ₹84.93 crore had been provisionally attached by the ED. Prosecution complaints person besides been filed earlier the Special PMLA Court, which has taken cognisance of the matter.
