The Enforcement Directorate (ED) has successfully restored properties worth Rs 56.13 crore in a Kisan Credit Card (KCC) loan fraud case involving fish farming and pisciculture loans. The loans were sanctioned at the Bhimavaram and Palangi branches of IDBI Bank in Andhra Pradesh.
Investigations revealed that accused individuals, including Rebba Satyanarayana, Kumar Pappu Singh, and certain bank officials, allegedly defrauded IDBI Bank of Rs 181.87 crore during FY 2010-11 and 2011-12 using forged documents in the name of 230 borrowers. The diverted funds were reportedly used for personal purchases, investments, and properties.
The total proceeds of crime in the case were estimated at Rs 234.23 crore, with properties worth Rs 84.93 crore provisionally attached by the ED during investigations.
Following applications by IDBI Bank under Section 8(8) of the PMLA, 2002, the Special PMLA Court at Visakhapatnam approved the restitution petitions on September 15 and 18, 2025, allowing the return of attached assets to the bank.
The restituted properties include 155 parcels of land, residential and commercial plots, and apartments across Andhra Pradesh and Telangana, marking a significant recovery in the large-scale KCC loan fraud case.
