Made a Telugu film by taking loan for fish farming, ED files suit

The Enforcement Directorate (ED) has filed a case in a scam of making a Telugu film and buying property by taking loan of crores of rupees from Andhra Bank for fish farming and other agricultural works.

According to this case registered in the special court of Visakhapatnam, Nimmagadda Ramakrishna, MD of Venus Aqua Foods Limited and former chief manager of the bank branch S Ramachandra Rao and others scammed the public of crores of rupees. Based on the FIR registered by the CBI in Bangalore in the same case, the ED has also registered a case of money laundering and started investigation.

It came to light that the directors of the company, their relatives and other relatives took loans worth crores from Andhra Bank in the name of fisheries and agricultural works. The chief manager of the branch helped him. This money was never spent on the stated works. Rather, it came in handy for repaying old loans, buying immovable property and making the Telugu film 'Aakashme Haddu'. The company was later shown a loss of Rs 54.64 crore. According to ED, it is a case of loot of public money.