Allu Aravind Facing ED Investigation

The Enforcement Directorate (ED) has launched an investigation into a bank scam case and questioned producer Allu Aravind. The case pertains to a Rs. 101 crore bank loan fraud related to Hyderabad-based Ramakrishna Electronics. Allu Aravind, the head of Geetha Arts, was questioned by ED officials for about three hours, and his statement was recorded. The main inquiry was into bank transactions that took place between 2018-19.

The ED has found that the owners of Ramakrishna Electronics used the loan funds for their own benefits and illegal money transfers. Some suspicious financial transactions were found to have taken place between Ramakrishna Electronics and companies owned by Allu Aravind. The ED has issued notices to him seeking clarification on these transactions. Allu Aravind has been ordered to appear for another hearing next week.

The ED is investigating Allu Aravind's relations with the owners of Ramakrishna Group, V. Raghavendra and V. Ravi Kumar, who are the main accused in this case. The officials questioned Allu Aravind at length about details related to bank transactions and property purchases. The investigation is ongoing, and the ED is yet to complete its probe.

The case was initially registered by the CBI, but later the ED started an investigation from the angle of money laundering. The ED Questioned Allu Aravind and seek clarification regarding some incriminating evidence against Allu Aravind and his companies. The outcome of the investigation will determine the next course of action.