Saturday, November 24, 2018
The Enforcement Directorate had today issued summons to TDP Rajya Sabha member and former Union Minister YS Chowdary in the alleged Rs.6,000 crore fraud.
The ED in a tweet said “ Searches under Prevention of Money Laundering Act were conducted in case of YS Chowdary, MP of Andhra Pradesh to investigate #bank fraud of over Rs.6,000 crore by more than 120 shell companies controlled by Sri Y.S.Chowdary. Searches resulted in recovery of incriminating documents and 6 high valued luxury cars purchased by Sri Y.S.Chowdary in the name of shell companies”. Sujana had been asked to join further investigation through summons for his appearance on Tuesday. The documents recovered by the ED revealed that the group of companies were facing various FEMA/DRI/CBI cases. Besides forex transactions, the documents indicated that most of the more than 120 companies the group was operating had no genuine business activities. Preliminary statements indicated that certain loans to the group were sanctioned against the personal guarantee of Sujana Chowdary. At his residential premises, six high end cars (Ferrari, Range Rover, Benz etc., ) were found registered in the name of dummy companies. These vehicles had been seized under the provisions of the PMLA.
Banking Securities and Fraud Cell of the CBI, Bengaluru registered three FIRs based on the complaints from three banks stating that a loss of Rs.364 crore had been caused to the consortium of banks. The ED also said “BCEPL along with other group of companies of Sujana Group were functioning under the Chairmanship of YS Chowdary@Y.Satyanarayana Chowdary@Sujana Chowdary who is sitting MP representing TDP.