New Delhi: Retired IPS officer PV Sunil Kumar has approached the Enforcement Directorate (ED), seeking an investigation into three Central Bureau of Investigation (CBI) cases involving alleged bank loan fraud of ₹2,011.72 crore linked to companies of the Ind-Barath Group.
In a complaint addressed to the ED Director, Sunil Kumar has requested the registration of an Enforcement Case Information Report (ECIR) and a detailed investigation into the alleged diversion of loan funds. He has also sought identification of assets allegedly acquired using the funds and appropriate action under the Prevention of Money Laundering Act (PMLA).
The Ind-Barath Group companies involved in the cases were promoted by K. Raghu Rama Krishna Raju.
Three CBI Cases Involve Alleged Fraud of ₹2,011.72 Crore
According to the complaint, the alleged bank loan fraud involves three Ind-Barath companies: Ind-Barath Power (Madras) Ltd, Ind-Barath Thermal Power Ltd and Ind-Barath Power Gencom Ltd.
The alleged losses in the three cases are ₹947.71 crore, ₹826.17 crore and ₹237.84 crore, respectively, taking the total to ₹2,011.72 crore.
Sunil Kumar has urged the ED to examine the financial transactions associated with these companies and trace the movement of the loan funds. The complaint specifically refers to transactions involving fixed deposits, advances to contractors, inter-corporate deposits, related-party payments and receipts from TANGEDCO.
It has also sought scrutiny of the roles of bank officials, auditors and other entities involved in the transactions.
Seeks Identification and Attachment of Assets
Apart from investigating the alleged diversion of funds, the retired IPS officer has requested the ED to identify properties and other assets allegedly acquired using the loan money and take steps for their attachment under applicable laws.
He has also called for an examination of investments routed through Mauritius, including the source of the funds and the beneficial ownership of the foreign investments.
The complaint seeks to establish whether money allegedly diverted from the bank loans was channelled into domestic or overseas assets.
Seeks ED Intervention in ₹40-Crore FEMA Penalty Matter
Sunil Kumar has also raised a separate issue concerning a ₹40-crore penalty imposed on K. Raghu Rama Krishna Raju under the Foreign Exchange Management Act (FEMA) in November 2023.
He has urged the ED to approach the Telangana High Court to seek vacation of the stay on the penalty.
In addition, he has requested an early investigation, preservation of relevant records and appropriate legal action in connection with both the alleged bank loan fraud cases and the FEMA matter.
The requests have been made by the retired IPS officer in his complaint. The allegations and the requested investigation or legal action should not be treated as findings of guilt.
