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₹23.46 Crore Scam: Enforcement Directorate Indicts Former IFS Officer in an APWCFC Embezzlement Case

ED charges former IFS officer Akula Kishan in ₹23.46 crore APWCFC fraud, alleging fund diversion, irregular loans, and inflated purchases.
Indian Masterminds Stories

Hyderabad: The Enforcement Directorate (ED) has filed a prosecution complaint against former Indian Forest Service (IFS) officer Akula Kishan and others in connection with an alleged ₹23.46 crore fraud at the Andhra Pradesh Women’s Co-operative Finance Corporation (APWCFC). The complaint, filed before the special PMLA Court in Hyderabad, was taken cognisance of on August 13.

Fraud Spanning 2005 to 2008

The ED’s action follows a CID investigation into alleged misappropriation of APWCFC funds between April 2005 and 2008. According to the probe, Kishan, who was serving in the corporation at the time, colluded with individuals and private entities to siphon funds through irregular appointments, unauthorised land transactions, procedural violations, and inflated purchases.

Loans to Ineligible Beneficiaries

Investigators allege that Kishan made illegal appointments and promotions to secure the loyalty of certain staff members. He allegedly used them to sanction ₹15.39 crore in loans under the Indiramma Mahila Upadi Pathakam scheme to ineligible and related persons without proper sureties or documentation.

Along with then CEO V. Santosh Kumar, Kishan is accused of opening secret bank accounts, executing fake agreements, and diverting ₹7.5 crore collected in the corporation’s name into personal and associates’ accounts.

Inflated Purchases and Asset Diversion

The investigation also revealed that Kishan purchased equipment, vehicles, and other assets without tenders and at inflated prices, causing losses to both the corporation and the state exchequer.

Assets Attached Under PMLA

The ED has already attached immovable properties worth ₹1.26 crore belonging to Kishan and his associates under the Prevention of Money Laundering Act, 2002.

Also Read: Retired IFS Officer Amresh Kumar Jaiswal Sentenced to Two Years RI in Disproportionate Assets Case


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