ED attaches properties worth Rs 2.91 crore in Hyderabad bank fraud case
Hyderabad, Jan 31 (IANS) The Enforcement Directorate (ED), Hyderabad Zonal Office, has provisionally attached four immovable properties worth Rs 2.91 crore under the Prevention of Money Laundering Act (PMLA), 2002.
The attachment is connected to a bank fraud case involving Subbaiah Korrapati and his associates.
The ED launched its probe based on an FIR dated November 10, 2020, filed by the Anti-Corruption Bureau (ACB), Hyderabad, under various sections of the Indian Penal Code, 1860, against Korrapati and others.
According to the press release dated January 31, 2026, the ACB's charge-sheet was filed on April 21, 2023, before the additional chief metropolitan Magistrate-cum-Special Judicial Magistrate for first class for CBI cases, Hyderabad.
The document alleged that Korrapati fraudulently availed credit facilities totaling Rs 10 crore from Syndicate Bank, Chandanagar Branch, by submitting forged sub-contract agreements and non-existent work orders as collateral.
Investigations showed that Korrapati, in collusion with others, deliberately submitted forged documents to secure the loans. He defaulted on repayment, causing a wrongful loss of Rs 12.30 crore to the bank and corresponding wrongful gain to himself.