
ED arrests managing director of Hyderabad-based firm in Rs 402 crore money laundering case
India Today
The Enforcement Directorate has arrested Avasarala Venkateswara Rao, managing director of Hyderabad-based Servomax India Private Limited, under the Prevention of Money Laundering Act in a bank fraud case of Rs 402 crore.
The Enforcement Directorate has arrested Avasarala Venkateswara Rao, the promoter and managing director of Hyderabad-based Servomax India Private Limited (SIPL), under the Prevention of Money Laundering Act (PMLA) in a bank fraud case of Rs 402 crore.
The ED had initiated its investigation on the basis of an FIR lodged by the Central Bureau of Investigation against SIPL.

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