Bengaluru, August 6, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has provisionally attached immovable properties worth ₹51.28 crore in connection with an alleged bank fraud and money laundering case involving M/s Deepak Cable (India) Ltd (DCIL), its promoters and associated entities.
According to an official statement issued by the ED’s Bengaluru Zonal Office, the attached properties have an estimated current market value exceeding ₹150 crore. The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED investigation stems from an FIR registered by the Central Bureau of Investigation (CBI), Banking Securities and Fraud Branch, Bengaluru. The case involves allegations of criminal conspiracy, cheating, forgery, use of forged documents and criminal misconduct, resulting in alleged losses to a consortium of banks.
According to the agency, Deepak Cable (India) Ltd, along with its Managing Director K. Venkateshwara Rao, Director Satyavathy Ball, and other associated entities, allegedly secured multiple credit facilities by submitting manipulated financial statements, inflated stock statements and false debtor records.
The ED has alleged that the loan funds were diverted through a network of related companies, including Surya Transmission Ltd, Adhunik Power Transmission Ltd, Dandeli Ferro Pvt Ltd, Sharavathy Conductors Pvt Ltd, Venkatesh Industries, Maruthi Engineering Works, Universal Transmission Line Products and KGN Electricals, among others.
According to the investigation, the diversion was allegedly carried out through fictitious sale and purchase transactions without the actual movement of goods. The agency further claimed that the loan proceeds were used for purposes unrelated to the sanctioned objectives, including the buy-back of equity shares from private investors through related entities and the acquisition of assets.
Earlier, the ED conducted searches at multiple locations linked to the accused under the PMLA, during which officials seized documents, digital devices and other records.
The agency had arrested Managing Director K. Venkateshwara Rao on June 2, 2026, under Section 19 of the PMLA. He was subsequently remanded to ED custody. Statements of the accused, bank officials and other witnesses have also been recorded during the investigation.
The ED stated that since a substantial portion of the alleged proceeds of crime had been layered, diverted or could not be directly traced, it had also attached equivalent-value properties to safeguard assets pending confiscation proceedings.
The investigation is ongoing.
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