Fish tanks, poultry farms and bank balances totalling over Rs 51 crore of a Visakhapatnam-based man and his family have been attached by the Enforcement Directorate (ED) in an alleged bank loan fraud case, the probe agency said on Wednesday.
The assets belong to Kumar Pappu Singh, his family and firms linked to him.
The ED case is based on a CBI FIR filed in Visakhapatnam against IDBI Bank officials, certain loan aggregators and others for fraudulently availing Kisan Credit Card (KCC) loans for fish farming.
The ED alleged that Singh "fraudulently" availed KCC loans in the names of 87 borrowers who were his family members, employees and persons known to him by giving his properties as collateral securities and "misappropriated" the loans.
"The loan amounts were illegally diverted from the bank accounts of the borrowers to the bank accounts of Singh and his companies."