Bengaluru, August 7, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has filed a prosecution complaint (chargesheet) against Deepak Cable (India) Limited (DCIL), its former promoters and directors, and several associated entities in connection with an alleged bank fraud and money laundering case involving more than Rs 1,047 crore.
According to an official statement issued on Friday, the ED’s Bengaluru Zonal Office filed the chargesheet on July 31 before the Principal City Civil and Sessions Judge, Bengaluru, naming 11 accused.
Those chargesheeted include Deepak Cable (India) Limited, former Managing Director K. Venkateshwara Rao, former Director Satyavathy Balla, Surya Transmission Limited, Adhunik Power Transmission Limited, Amrutha Constructions Private Limited (ACPL) and its Managing Director P. Venkateshwara Rao, KGN Electricals and its partner Mohamed Idress, Sharavathy Conductors Private Limited (SCPL) and its Managing Director Kaardam Patel.
The ED alleged that the accused generated and laundered proceeds of crime by acquiring, possessing and projecting tainted assets as legitimate, attracting provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The money laundering investigation is based on FIRs registered by the Central Bureau of Investigation (CBI) following complaints by State Bank of India (SBI) and Punjab National Bank (PNB).
According to the ED, SBI alleged that DCIL and its promoters caused a wrongful loss of Rs 899.35 crore, including notional interest and legal expenses, while PNB reported an alleged fraud of Rs 147.93 crore. The two cases were subsequently merged into the ED’s investigation.
The agency alleged that DCIL, a manufacturer of aluminium conductors and power transmission equipment, secured enhanced credit facilities from a consortium of banks by submitting inflated financial statements.
Investigators claim the company carried out fictitious sales and purchase transactions with related entities, including Surya Transmission Limited and Adhunik Power Transmission Limited, as well as ACPL, KGN Electricals and SCPL, without any actual movement of goods.
The ED further alleged that the proceeds of crime were diverted to the personal accounts of the promoters and directors, routed through associated companies, and utilised for purchasing immovable properties as well as buying back equity shares held by private equity investors IDFC Limited and Ascent India Funds.
Former Managing Director K. Venkateshwara Rao was arrested by the ED on June 2, 2026, under the PMLA and is currently in judicial custody.
The agency has also provisionally attached immovable assets worth approximately Rs 51.28 crore, which it alleges are proceeds of crime. The attachment order, issued on July 30, is awaiting confirmation before the PMLA Adjudicating Authority in New Delhi.
The ED said further investigation in the case is continuing.
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