Hyderabad: The Directorate of Enforcement (ED) in Hyderabad seized Rs. 1 crore in cash, Rs. 4.27 crore worth of jewelry, foreign currency, property documents, bank locker keys, and digital devices from AP Mahesh Cooperative Urban Bank Ltd. The investigation, based on FIRs registered by Banjara Hills police, revealed irregularities involving Chairman Ramesh Kumar Bung and others. The FIRs accused them of disbursing over Rs. 300 crore in loans against illegal collaterals, siphoning off Rs. 18.30 crore in construction costs, and Rs. 6.5 crore through false bills. Additionally, fraudulent gold loans were issued to 1800 dummy persons. The investigation uncovered large-scale loan irregularities, suspicious transactions, and properties acquired by the accused at below-market rates.

Key Points from FIRs and ED Investigation

Siphoning of Funds:

• Rs. 18.30 crore siphoned off in the construction of the Head Office building.
• Rs. 6.5 crore siphoned off through false bills.

Fraudulent Gold Loans:

• Gold loans disbursed to 1800 dummy persons and entities through fraudulent means.
• These dummy gold loanees were enrolled as members and cast votes in favor of the accused, despite being ineligible for voting.

ED Seizures:

• Cash: Rs. 1 crore.
• Jewelry: Worth Rs. 4.27 crore.
• Foreign Currency: USD 6256.
• Other Seized Items: Property documents, bank locker keys, and digital devices.

Basis of Investigation:

• FIRs filed by Banjara Hills police against Ramesh Kumar Bung (Chairman), Umesh Chand Asawa, Puroshatamdas Mandhana, and others.
• Allegations of disbursing loans over Rs. 300 crore against illegal collaterals (e.g., Wakf Board lands and non-existent properties).
• Accused charged a commission of up to 10 percent for loan disbursement.

Loan Irregularities:

• Large-scale irregularities in the sanctioning, operation, and closure of loan accounts.
• Properties acquired by the accused and their family members at significantly lower than market rates and bank valuations.

Suspicious Transactions:

• Loan funds routed back to the accused and their family members from loanee accounts.
• Properties of loanees acquired by the accused at rates much below actual values.
• Collateral securities acquired at very low rates by the accused and their family members.

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