Hyderabad: The Enforcement Directorate (ED) is said to have questioned Telugu film producer Allu Aravind in a case relating to the probe into Ramakrishna Teletronics Private Limited’s (RTPL) bank fraud case. He has sought time to submit the relevant documents, it was learnt on Friday.
According to sources, Aravind appeared before the ED in Hyderabad a few days ago in connection with suspicious transactions involving the management of RTPL. The producer reportedly requested more time to appear before the agency and is likely to do so along with his auditor to submit the required documents.
It has been reported that Aravind had financial transactions with RTPL directors V. Raghavendra, V. Ravi Kumar, and others a few years ago, which the ED found suspicious, resulting in the agency issuing him summons.
A few months ago, ED officials registered a case and conducted searches in Hyderabad, Kurnool, and Ghaziabad in connection with a money-laundering case involving Ramakrishna Electronics, Ramakrishna Teletronics Pvt. Ltd (RTPL), and others, linked to a major bank fraud.
The ED initiated a probe and uncovered bank transactions involving Ramakrishna Electronics, RTPL, and its directors and partners V. Raghavendra, V. Ravi Kumar, and others. The accused had obtained a loan of Rs 101 crore from Union Bank of India and fraudulently diverted the loan funds for other purposes.
The accused company was engaged in the business of trading and marketing mobile phones, especially those relating to Samsung and Sony.
RTPL and Ramakrishna Electronics were availing an overdraft cash credit limit from Union Bank of India. Raghavendra and Ravi Kumar — who are siblings — allegedly conspired with others to misuse the loan funds. The funds were diverted using various modus operandi — including transfer to the personal accounts of promoters or directors and their family members, inter-group transactions, failure to route business sales proceeds through the lender bank, and suspicious third-party transactions.
During verification, the ED reportedly found that Aravind’s bank accounts had suspicious transactions with the accounts of the accused company.
Later, Aravind told newspersons that he had informed the ED that he had purchased property in 2018 from some persons. The property’s owner was named in ED cases, Aravind said. To inquire into the transactions, the ED called him, the producer said.
