Big update on a major bank fraud: The Enforcement Directorate has provisionally attached assets worth ₹18.33 crore linked to Kallam Modern Rice Mills and K Peri Reddy.
These include 50 properties and five flats across Andhra Pradesh and Telangana, all tagged as proceeds of crime under anti-money-laundering laws.
Reddy allegedly secured 24.57cr SBI loans
Between 2010 and 2013, Reddy allegedly operated and managed about 26 entities to pull off this scam, submitting fake/forged title deeds of collateral properties to get loans totaling ₹24.57 crore from State Bank of India.
The bank lost ₹18.33 crore before catching on.
Investigators say Reddy bought properties with the money but hid ownership under relatives' and associates' names.
The probe is still ongoing.