News/City Updates

Vizag based businessman accused in fraud case

A Vizag based businessman, Mr Rebba Satyanarayana, has been accused in a case of bank fraud for cheating various banks in the name of loans. His assets, worth Rs.100 crore, have been confiscated by the Enforcement Directorate (ED). Mr Satyanarayna’s properties in both  Telugu states have also been confiscated by the Enforcement Directorate officials.

The Industrial Development Bank of India (IDBI)  has filed a case against Rebba Satyanarayana for cheating them in 2002. Based on the CBI (Central Bureau of Investigation) case, the Enforcement Directorate officials have started an investigation. The businessman’s farmlands, fish ponds, commercial lands, and plots have been seized by the Enforcement Directorate. The accused had got loans sanctioned on anonymous names and lured banks. He is also accused of getting an Rs.112 crore loan from IDBI Bank,  Rajahmundry for a fish ponds business in the name of 148 anonymous people.

Going further it is believed that Mr Satyanarayana had purchased some property from the loans he got sanctioned from banks. Later he mortgaged those assets and received more loans from banks. Keeping all these in mind, ED has attached Rs 100 crore property belonging to him.

Enforcement Directorate also stated that this Vizag based businessman, who has been accused of fraud, has established a company in New Jersey, USA. Approximately Rs. 24 lakh worth of fish and prawns have been exported as revealed in the investigation. But there is still a doubt about whether the export has been done or not. 

As per the records of the Ministry of Corporate Affairs (MCA), Mr Rebba Satyanarayana is the director of two companies; RVR Prims and RVR Marine Products Limited. Both have a total holding capital of Rs. 18,71,00,000.00 crore. 

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