Retired IPS officer PV Sunil Kumar has formally requested the Enforcement Directorate to investigate the Ind-Barath group over alleged bank loan fraud amounting to Rs 2,011.72 crore, demanding action under the Prevention of Money Laundering Act.
Request for Enforcement Directorate Investigation
Retired IPS officer PV Sunil Kumar has written to the Enforcement Directorate (ED), seeking an investigation into three CBI cases involving alleged bank loan fraud of Rs 2,011.72 crore linked to Ind-Barath group companies promoted by K Raghu Rama Krishna Raju. In his complaint to the ED Director, Sunil Kumar has requested registration of an ECIR, investigation into the alleged diversion of loan funds, identification of assets purchased through these funds and action under the Prevention of Money Laundering Act (PMLA).
Details of Alleged Fraud and CBI Cases
The three CBI cases involve Ind-Barath Power (Madras) Ltd, Ind-Barath Thermal Power Ltd and Ind-Barath Power Gencom Ltd, with alleged losses of Rs 947.71 crore, Rs 826.17 crore and Rs 237.84 crore respectively. The complaint highlights transactions involving fixed deposits, contractor advances, inter-corporate deposits, related-party payments and TANGEDCO receipts. It seeks investigation into the movement of these funds and the role of bank officials, auditors and other entities.
Asset Attachment and FEMA Penalty
Sunil Kumar has also requested the ED to identify and attach properties allegedly acquired through the diverted funds and examine investments routed through Mauritius, including the source and beneficial ownership of foreign investments. Separately, he has urged the ED to approach the Telangana High Court to vacate the stay on a Rs 40-crore FEMA penalty imposed on Raju in November 2023. He has sought an early investigation, preservation of relevant records and appropriate legal action in both the bank loan cases and the FEMA matter.
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