ED Seizes Properties Worth ₹35 Crore in Bank Fraud Investigation

ED Takes Action Against BNR Infra and Elite Infra Projects

The Enforcement Directorate (ED) has confiscated two properties valued at ₹35.05 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving BNR Infra and Elite Infra Projects Private Limited. The regional office of the ED in Hyderabad has seized assets belonging to Bireddi Narasimha Reddy and Anil Beniprasad Agarwal, which include a parcel of land and a residential flat.

Investigation Initiated Based on Multiple FIRs

The ED commenced its investigation under the PMLA, 2002, based on two FIRs filed by the CBI, EOW Chennai, and CBI, ACB Hyderabad, citing various sections of the IPC, 1860, and the Prevention of Corruption Act, 1988.

Fraudulent Activities Leading to Significant Losses

These FIRs allege that BNR Infra and Elite Infra Projects Private Limited committed fraud by submitting forged documents to the State Bank of India and Bank of Maharashtra, misrepresenting the ownership and status of mortgaged properties, and concealing critical facts related to disputed land ownership. As a result of this fraudulent activity, SBI incurred an unjust loss of approximately ₹8.20 crore, while Bank of Maharashtra suffered a loss of ₹26.86 crore.

Criminal Conspiracy Uncovered

The ED revealed that its investigation uncovered a criminal conspiracy orchestrated by the promoters and directors of these entities, who, along with their associates, secured bank loans by mortgaging properties that were either agricultural land misrepresented as non-agricultural or properties that were already under dispute with no clear ownership.