ED questions Telugu film producer Allu Aravind for 3 hours in bank fraud case

Telugu film producer Allu Aravind was questioned for over three hours by the Enforcement Directorate (ED) in Hyderabad in connection with a Rs 101.4 crore bank fraud and money laundering case linked to Ramakrishna Electronics and Ramakrishna Teletronics (RTPL).

The ED’s Hyderabad zonal office conducted searches across Hyderabad, Kurnool, and Ghaziabad as part of its probe into the alleged diversion and misappropriation of loan funds. The investigation was triggered by a complaint from Union Bank of India (formerly Andhra Bank), which accused the group of defrauding the bank by diverting sanctioned loans for criminal purposes.

The case is based on an FIR registered by the Central Bureau of Investigation (CBI) in Bengaluru against Ramakrishna Electronics, RTPL, and their directors/partners, V Raghavendra, V Ravi Kumar, and others.

The group, which was in the business of trading and marketing mobile phones, allegedly availed an open cash credit (OCC) facility and diverted funds through a web of inter-group transactions and payments to promoters and their family members.

During the searches, the ED seized documents related to properties suspected to have been bought with the proceeds of crime, froze about Rs 1.45 crore in bank accounts of the accused and their companies, and recovered digital devices and records of foreign payments.

According to the agency, brothers V Raghavendra and V Ravi Kumar were the key figures in the group, allegedly orchestrating the misuse of funds in connivance with others.

The investigation is ongoing.

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