The Enforcement Directorate (ED) on Monday attached under Prevention of Money Laundering Act (PMLA) immovable properties of Ganne Srinivasa Rao worth Rs 2.42 crores in connection with a bank-fraud case.
The attached properties include 13 immovable properties consisting of agricultural lands and residential flats in Andhra Pradesh and Telangana.
Rao is accused to defrauding banks of over Rs 20 crores.
ED had initiated investigations under PMLA based on a charge sheet filed by the Central Bureau of Investigation (CBI) in connection with the bank fraud.
Immovable property is attached when it is suspected to be involved in money laundering. These properties are attached by the ED under section 5 of Prevention of Money Laundering Act, 2002 (PMLA).
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