Overview

• The Enforcement Directorate conducted PMLA searches on September 26 at eight premises across Nagpur and Bhandara in Maharashtra and Guntur in Andhra Pradesh.
• Investigators seized incriminating documents and digital devices, recovered ₹10 lakh in cash, froze bank balances and insurance policies, and identified immovable assets exceeding ₹100 crore.
• The probe centers on a ₹152.90 crore loss to the then Corporation Bank, now Union Bank of India, through 212 loan accounts opened in farmers’ names with loans of ₹49–50 lakh each.
• ED attributes 158 accounts and about ₹113 crore in losses to a group led by Ramana Rao Bolla allegedly acting with assistant manager Sandeep Revnath Jangale, and 54 accounts and about ₹39.43 crore to a syndicate led by Nutan Rakesh Singh.
• Bolla and Singh were earlier arrested by Nagpur police and remain in judicial custody as the money-laundering investigation and asset tracing continue.