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ED uncovers Rs 150 crore bank fraud involving fake farmer accounts
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Central India's Premier English Daily
Authorities also confiscated cash amounting to Rs 10 lakh, froze movable assets including bank balances and insurance policies, and identified immovable properties worth over Rs.
The accused, including Ramana Rao Bolla and Nutan Rakesh Singh, are alleged to have defrauded the then Corporation Bank (now union Bank) and multiple farmers, with the total fraud amounting to Rs.
The ED’s investigation revealed that Ramana Rao Bolla and his associates fraudulently obtained Aadhaar cards and other documents from several farmers.
50 lakh were sanctioned for each account, with Ramana Rao acting as the guarantor for all of them.
Similarly, another syndicate led by Mrs. Nutan Rakesh Singh employed an identical method.