The Enforcement Directorate (ED) in Hyderabad has provisionally attached immovable properties valued at ₹111.57 crore belonging to M/s Hackbridge Hewittic and Easun Ltd. under the Prevention of Money Laundering Act (PMLA) in connection with the Victory Electricals case.
The investigation stems from an FIR filed by the CBI based on a complaint from the State Bank of India’s Stressed Asset Management Branch, Hyderabad, against M/s Victory Electricals Ltd. (VEL), M/s Victory Transformers and Switchgears Ltd. (VTSL), and their directors Mahindra Kumar Vaddineni, Manoj Kumar Vaddineni, and Venkatappa Naidu Vaddineni. The accused allegedly conspired to fabricate financial records, inflate balance sheets, and present false receivables to secure large credit facilities and letters of credit, causing a loss of ₹136.50 crore to the bank.
According to the ED, Mahindra Kumar diverted ₹88.93 crore through shell companies operated in Delhi by co-accused Naveen Khatri. The funds were layered through multiple accounts to disguise their origin before being channelled back to VEL and VTSL as purported legitimate business proceeds. The accused are also alleged to have siphoned off ₹17.17 crore towards unrelated liabilities, transferred ₹46.31 crore without genuine business justification, and withdrawn ₹15.65 crore in cash.
Further inquiries revealed that the SBI had in 2011 issued a foreign bank guarantee of USD 5 million on behalf of VEL, which it was forced to honour in 2021 after the company failed to deliver on a supply contract. This led to an additional loss of ₹45.10 crore. In total, the bank suffered a loss of ₹189.04 crore, of which ₹111.57 crore remains unrecovered.
Since no unencumbered assets of VEL, VTSL or their directors were available, the ED identified and attached land parcels owned by Hackbridge Hewittic and Easun Ltd., in which VEL holds a 93.28 percent stake. Officials confirmed that further investigation is ongoing.
Published – November 13, 2025 06:45 pm IST
