Rs. Hyderabad company's MD arrested in Rs 216 crore fraud case

(PTI) New delhi date. 13

The Enforcement Directorate (ED) has arrested the managing director of a Hyderabad-based company in a money laundering case involving a group of state-owned banks.

Vuppalapati Satish Kumar, managing director of Prithvi Information Solutions Limited (PISL), was arrested on August 19. A special PMLA (Prevention of Money Laundering Act) court has remanded the company's MD in ED custody for ten days.

A second arrest has been made in the case. Earlier, Satish Kumar's sister V Hima Bindu was arrested. He is the Managing Director of VMCSL, a telecom device manufacturing company. The ED took him into custody earlier this month.

However, V Satish Kumar has claimed that it has nothing to do with VMCSL's NPAs. More than 50 hard disks of the company were found in his house. The hard disk was seized during a raid on July 30.

During the forensic examination of this digital device, it was found that Satish Kumar was involved in anonymous transactions. A case of money laundering has been registered by the ED on the basis of an FIR lodged by the CBI.