Hyderabad: Telecom equipment maker VMC Systems Ltd Managing Director, V Himabindu has been arrested by the Enforcement Directorate on charges of embezzling Rs 3.316 crores from banks. In 2018, the CBI registered a case against VMC Systems Limited for defrauding various banks in the name of loans.
The CBI has registered and investigated the entire case under the Prevention of Money Laundering Act based on the FIR. VMC Systems owes about Rs 3,316 crore to various banks. ED said a forensic audit revealed that the loans had been transferred in the name of various companies. According to the ED, VMC Systems paid a 3 per cent commission to PIS Ltd, which has nothing to do with BSNL tenders.
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According to ED, a letter of credit worth about Rs 692 crore was opened in the name of bogus companies. The ED has revealed that Himbindu along with his brother V Satish created bogus receipts, documents, and files to defraud the banks.
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The investigating agency explained that some of the money was also diverted to foreign companies owned by his family members. On the 20th of last month, they searched the homes of Himabindu, Satish and V. Madhavi and seized digital data, about six mobiles and two laptops and around 40 hard disks. Despite the summons, the accused did not respond. Today ED arrested Himabindu produced him before Nampally Court.
