ED arrests Karuturi Venkateshwara Rao over alleged ₹899.35cr bank scam
Karuturi Venkateshwara Rao, the managing director at Deepak Cables (India) Limited, has been arrested by the Enforcement Directorate for allegedly pulling off a huge ₹899.35 crore bank scam.
He's accused of faking financial records and moving loan money around, landing him in 10 days of ED custody after a Bengaluru court's order.
Circular trading alleged, ₹18cr accounts frozen
Investigators say Rao used fake sales and circular trading to make his company look richer and more trustworthy to banks.
Funds were shuffled through multiple accounts, including personal ones, with no real business reason.
Earlier searches turned up gold jewelry and cash worth over ₹1 crore, and bank accounts holding ₹18 crore were frozen.
The probe is still ongoing as authorities dig deeper into how this impacted the banking system.