ED arrests managing director of Hyderabad-based firm in Rs 402 crore money laundering case

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.