Bank fraud case: Fresh ED summons to Tollywood producer Allu Aravind in Rs 101 crore; land deal with prime accused under probe
Allu Aravind
to appear next week.
The move comes after Aravind reportedly failed to submit key financial documents during his earlier appearance before the agency.
Aravind was first questioned by the ED on June 2 regarding suspicious financial links to Ravi Kumar Vemula, a director in Ramakrishna Electronics and Ramakrishna Teletronics Private Ltd (RTPL) and prime accused in the case. According to sources, investigators are still determining whether Aravind's involvement in land and financial transactions with the accused was deliberate or incidental.
Allu Arvind told TOI that the transaction under scrutiny was minor and that he is fully cooperating with the ED by providing all necessary information.
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"Back in 2017, I purchased a property, and a small portion of it was acquired from Ravi Vemula. He was reportedly unable to repay his loans, which led to the ED launching a probe," he said.
He further said, "The agency asked me for details regarding the land transaction. The payment was made through proper banking channels.
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When I appeared before the ED on July 2, they asked for transaction-related documents. Since the books of accounts weren't readily accessible, I requested a week's time. I will submit all the required details on the next date."
Financial irregularities
The ED's probe was based on an FIR filed by the CBI, Special Bureau of Forensic Science, Bengaluru, following a complaint from the Union Bank of India.
The CBI alleged that directors, V Raghavendra and Ravi Vemula, fraudulently diverted loan funds sanctioned to their companies under overdraft and cash credit (OCC) facilities. In June 2024, ED teams conducted coordinated search operations and also froze Rs 1.45 crore .
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