Tue Sep 02 13:54:51 UTC 2025: Here’s a summary of the text and its rewrite as a news article, incorporating the relevant publication details:
**Summary:**
The Enforcement Directorate (ED) in Hyderabad has seized properties worth ₹1.1 crore belonging to the son of the former Managing Director and CEO of AP Mahesh Cooperative Urban Bank. This action is tied to an ongoing investigation into financial irregularities, where bank officials are accused of sanctioning loans to ineligible borrowers in exchange for commissions. The ED alleges that Umesh Chand Asawa, the former MD and CEO, received kickbacks for approving loans to Biomax Fuels Ltd. and used those funds to purchase properties in his son’s name, attempting to disguise the origin of the money.
**News Article:**
**ED Seizes ₹1.1 Crore in Properties Linked to AP Mahesh Bank Loan Scam**
*Hyderabad, September 2, 2025* – The Enforcement Directorate (ED) has escalated its investigation into financial irregularities at AP Mahesh Cooperative Urban Bank by provisionally attaching two immovable properties valued at ₹1.1 crore. The properties, located in Adibatla village, Rangareddy district, belong to Rohit Asawa, the son of Umesh Chand Asawa, the former Managing Director and Chief Executive Officer of the bank.
The action stems from two FIRs filed against senior bank officials, including former Chairman Ramesh Kumar Bung and former Senior Vice Chairman Puroshatamdas Mandhana, accusing them of abusing their positions to grant loans to unqualified borrowers in exchange for commissions. The ED alleges that these commissions were used to acquire properties under the names of the accused and their family members.
Specifically, the ED investigation revealed that Umesh Chand Asawa approved loans to Biomax Fuels Ltd. using a third-party property as collateral, despite it already being under litigation. Asawa allegedly received a commission, ranging from 2% to 4% of the loan amount, totaling ₹1.1 crore in cash from the managing director of Biomax Fuels Ltd. as a kickback for approving the loans.
The agency claims that this illicit money was then used to purchase the two properties in the name of Asawa’s son. While the sale deeds reflected a purchase price of ₹26.7 lakh, the ED estimates the actual market value at over ₹1.5 crore. The funds were allegedly channeled through legitimate banking routes in an attempt to obscure their origin.
“The illicit funds were intermingled with legitimate money routed through regular banking channels in order to disguise their origin and conceal the money trail,” stated an ED spokesperson.
The investigation is ongoing, with the ED continuing to probe the extent of the financial irregularities and the involvement of other parties.
First Piper 