ED, Hyderabad has conducted search operations at various locations in Hyderabad, Kurnool & Ghaziabad in a money laundering case against M/s Ramakrishna Electronics, M/s Ramakrishna Teletronics Pvt Ltd (RTPL) and others in a case of Bank Fraud. During the search operations, various incriminating documents and digital devices were recovered and seized, and an amount of Rs. 1.45 Crore (approx.) lying in the bank accounts of Directors/partners and their associated entities were frozen.

The Directorate of Enforcement (ED), Hyderabad Zonal Office conducted search operations in Hyderabad, Kurnool, and Ghaziabad as part of a money laundering probe against M/s Ramakrishna Electronics, M/s Ramakrishna Teletronics Pvt Ltd (RTPL), and others involved in a bank fraud case. \r

Initiated on the basis of a CBI FIR, the investigation alleges that Ramakrishna Group, dealing in cell phone trading, fraudulently diverted Rs. 101.48 Crore of loan funds from Union Bank of India. Directors V. Raghavendra and V. Ravi Kumar are accused of misappropriating funds through various means, including inter-group transactions and suspicious third-party dealings. \r

Documents, properties suspected to be proceeds of crime, and Rs. 1.45 Crore in frozen accounts were seized during the searches, alongside evidence of foreign payments.