New Delhi, Oct 1 (IANS) The Enforcement Directorate (ED), Nagpur has conducted search operations at eight locations in Nagpur and Bhandara districts of Maharashtra, and in Guntur district of Andhra Pradesh under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, linked to Ramana Rao Bolla, Nutan Rakesh Singh and their associates, an official said on Wednesday.  

These search operations conducted on September 26, 2025, led to the “seizure of voluminous incriminating documents, property papers, digital devices, cash of Rs 10 lakh, freezing of movable assets including bank balances and insurance policies, and also identification of immovable properties worth more than Rs 100 crore.”

According to the ED, it initiated an investigation on the basis of the FIRs registered by Maharashtra Police under various sections of IPC,1860, against Ramana Rao Bolla, Nutan Rakesh Singh and others who were accused of defrauding the then Corporation Bank (now Union Bank) and the farmers.

“The alleged fraud amounted to Rs 152.90 crore, impacting the Corporation Bank and the ignorant farmers,” the agency said in a press statement.

ED investigation revealed that Ramana Rao Bolla and his associates fraudulently obtained Aadhar cards and other documents from several ignorant farmers with false promises that they would help them to open separate bank accounts, which are necessarily required for getting compensation for crop failure as per the scheme launched by the Government.

“In furtherance to that, in criminal conspiracy with Sandeep Revnath Jangale, the then Assistant Manager of Umarkhed Branch, Corporation Bank including other accused they opened bank accounts in the name of 158 ignorant farmers and got sanctioned certain loan amounts (Ranging from 49.00 lakh to 50.00 lakh in each account) from the said branch of Corporation Bank wherein Ramana Rao himself became guarantor in all the said loan accounts,” the agency said.

“Afterwards, the accused Ramana Rao and his associates siphoned off the said loan amounts for personal gains, causing the loan accounts to slip into NPA, sustaining total loss of Rs 113 crore to the bank,” it added.

Similarly, another syndicate led by accused Nutan Rakesh Singh, by adopting a similar modus operandi and in criminal conspiracy with the said Assistant Manager of Umarkhed Branch, including other bank officials, got sanctioned loan amounts to the tune of total Rs 25.07 crore in the name of 54 ignorant farmers by making herself a guarantor.

“Thereafter, the accused siphoned off the said loan amounts for personal gains, causing the loan accounts to slip into NPA, causing a total loss of Rs. 39.43 crore (Principal loan amount of Rs 23.03 crore plus interest of Rs 16.40 crore) to the Corporation bank,” it said.

ED investigation has revealed that both Ramanna Bolla and Nutan Rakesh Singh had utilised the fraudulently gained amounts for the acquisition of properties in their names as well as in the names of their family members and entities beneficially owned and controlled by them.

Further, loan amounts have also been utilised for payment of past loans availed in the name of their other entities.

The ED noted that further investigation is in progress.

–IANS

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