The Special PMLA Court in Hyderabad has taken cognisance of the Enforcement Directorate’s (ED) prosecution complaint against former Indian Forest Service officer Akula Kishan and others in connection with an alleged ₹23.4 crore fraud at the Andhra Pradesh Women’s Co-operative Finance Corporation (APWCF).
The ED’s investigation stems from a CID Hyderabad FIR accusing Kishan, while holding an official post, of conspiring with private individuals to siphon funds from APWCF between April 2005 and 2008. Immovable properties worth ₹1.26 crore belonging to Kishan and his associates have already been provisionally attached under the Prevention of Money Laundering Act (PMLA).
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Alleged Misuse of Position and Benami Deals
According to the ED, Kishan orchestrated irregular appointments, unauthorised land transactions, and procedural violations to facilitate questionable purchases. APWCF properties were allegedly leased or rented without due process, and large sums were dishonestly withdrawn, causing losses to both the corporation and the government exchequer.
Investigators claim Kishan appointed and promoted individuals without required approvals to secure loyalty. These appointees allegedly enabled the disbursement of ₹15.3 crore in loans to ineligible persons, relatives, and benami entities under the Indiramma Mahila Upadi Pathakam scheme, often without sureties or proper documentation, sometimes based only on handwritten notes.
Secret Accounts and Inflated Purchases
The ED further alleges that Kishan, in collusion with APWCF CEO V. Santosh Kumar, opened secret bank accounts, executed fake agreements, and collected ₹7.5 crore in the corporation’s name. The funds were allegedly diverted to personal and associates’ accounts. Purchases of equipment, vehicles, and software were made without tenders, at inflated prices, benefitting Kishan personally.
Authorities assert that Kishan misappropriated a total of ₹23.4 crore, using the “proceeds of crime” for personal gain. The prosecution marks a significant step in the case, with further investigation ongoing to trace additional assets and identify all involved parties.
