ED arrests managing director of Deepak cables in ₹899 crore bank fraud case
The Enforcement Directorate has arrested Karuturi Venkateshwara Rao, the managing director of Deepak Cables, for an alleged ₹899 crore bank fraud. The investigation centers on accusations of money laundering, diversion of loan funds, and the use of shell entities to falsify financial records.
Why it matters
This case highlights ongoing efforts by Indian financial regulators to crack down on corporate malfeasance and recover massive non-performing assets from the banking sector.
The Directorate of Enforcement (ED), Bengaluru Zonal Office, has arrested Karuturi Venkateshwara Rao, managing director of Deepak Cables (India) Limited, in connection with an alleged ₹899.35 crore bank fraud involving a consortium of banks led by the State Bank of India (SBI).
The report relies on official statements from the Enforcement Directorate and CBI, presenting the facts of the arrest and the allegations without editorializing.
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