The ED is said to have asked Allu Arvind about the bank transactions and purchase of properties. Allu Arvind was asked to attend questioning next week once again by the ED.
The bank scam dates back to 2018-19. Following a complaint by CBI-BS, Bengaluru, ED conducted search operations in Hyderabad, Kurnool and Ghaziabad. A bank fraud case was filed against Ramakrishna Electronics and Ramakrishna Teletronics Pvt Ltd.
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FIR was registered against V Ramakrishna and V Ravi Kumar and other directors based on a loan fraud complaint by Union Bank of India. The bank accused the brothers and other directors of diverting loan funds to the tune of Rs 101.48 crore.
The group was involved in trading and marketing of cell phones. It was found that RTPL and Ramakrishna Electronics were enjoying OCC limit from Union Bank of India.
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It was also found that Ramakrishna and brother Ravi Kumar were involved in suspicious third party transactions, according to a story in The New Indian Express.
During their search, the ED found documentary evidence that the directors made foreign payments.