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New Delhi, Oct 1, 2025
The enforcement Directorate (ED), Nagpur has conducted search operations at eight locations in Nagpur and Bhandara Districts of Maharashtra, and in Guntur DISTRICT OF AND AND andHRA PrVINTIONS of the Provision of Money Laundering Act (PMLA), 2002, Linked to Ramana Rao Bolla, Nutan Rakesh Singh and their associates, an official said on Wedns.

These search operations conveyed 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 Balancs and Insurance Policies, and also identification of immovable properties what more than 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 Osiers who wors of defrauding the then corporation bank (now union bank) and the farmers.

“The Alleged Fraud Amouted to Rs 152.90 Crore, Impacting The Corporation Bank and the Ignorant Farmers,” The Agency said in a press statement.

Ed Investigation Reveled That Ramana Rao Bolla and His Associates Fraudulntly Obtained Aadhar Cards and other documents from Several Ignorant Farmers with False Promies Separate Bank Accounts, which are necessary required for gotting compensation for crop failure as per the scheme launched by the government.

“In Furtharynce to that, in Criminal Conspiracy with Sandeep Revnath Jangale, The then Assistant Manager of Umarkhed Branch, CORPORATION BANK MONCUN BANK Including Ignorant Farmers and Got Sanctioned Sertain Loan Amounts (Ranging from 49.00 Lakh to 50.00 Lakh in Each Account) From the said branch of corporation bank wherein ramana ramana rao Himsible 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 113 Ar’s RS 113 CRESS It added.

Similarly, Another Syndicate Led by Accused Nutan Rakesh Singh, by adopting a similar modus operandi and in criminal consump 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 Gujarat.

“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 Plus Interest of Rs 16.40 Crore) to the Corporation Bank, ”it said.

Ed Investigation Has Reveled That Both Ramanna Bolla and Nutan Rakesh Singh Had Utilized The fraudulently gained amounts for the acquisition of properties in their names as well as in the nemes of their names of their names and elements Beneficially owned and controlled by them.

Further, Loan Amounts have also also used for payment for payment of past loans available in the name of their other entities.

The ed noted that further investment is in program. (Agency)