ED arrests Servomax MD in ₹400 crore loan fraud
The Times of India Hyderabad|January 19, 2022
The Enforcement Directorate (ED) has arrested Servomax India managing director Avasarala Venkateswara Rao on money laundering charges in the ₹402 crore bank loan fraud case.
U.Sudhakarreddy

ED had initiated a money laundering investigation based on a CBI first information report (FIR) booked under charges of conspiracy and forgery in February, 2018.

Investigation by ED revealed that Serovmax India Private Limited (SIPL) had taken loans from a consortium of banks and Avasarala Venkateswara Rao was the promotercum-key managerial person, who was responsible for the entire business operations.

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