New Delhi: The Enforcement Directorate (ED) has arrested Vuppalapati Satish Kumar, MD, Prithvi Information Solutions Limited, on 12 August for money laundering charges and a loss of around Rs 3316 crore. The accused Hima Bindu B., MD, VMC Systems Ltd. 3316 crore loss has been caused to public sector banks due to the nexus of MDs.

The ED initiated a money-laundering probe against VMC Systems Limited based on the FIR registered by the CBI. VMCSL had taken loans from many banks and the current outstanding of all the banks is 3316 crores. The forensic audit revealed that VMCSL had given loans to several entities to show the transactions in their accounts. The forensic audit further revealed that VMCSL showed deposits of Rs 692 crore in the names of fake and dummy entities, which were later transferred. 

Satish Kumar, through his company PISL and Ennar Energy Ltd., and with the help of his sister Hima Bindu, who is the MD of VMCSL, showed fraudulent transactions of trading in a company run by his family to dodge the banks.

Delhi to get rid of pollution, Kejriwal to inaugurate first 'smog tower' on August 23

RJD leader Jagdanand said, Who is Tej Pratap? I will only reply to Lalu Yadav

J&K leaders used to give money to terrorists by selling MBBS seats, 6 arrested