CBI books two Hyderabad-based companies for cheating banks to the tune of Rs 14 crore

By Coreena Suares  Published on  5 Nov 2019 2:20 PM GMT
CBI books two Hyderabad-based companies for cheating banks to the tune of Rs 14 crore

Hyderabad: Central Bureau of Investigation officials from Hyderabad booked five from the city, including a State Bank of India employee and two directors of Incline Agrotech for cheating the bank to a tune of Rs 6 crore.

Officials registered a case against Abdul Rawoof Pasha, the then RMME of Parishram Bhavan SBI branch, and the two directors of Incline Agrotech — K Vikram Babu and K Shiv Varma. They also booked advocate Maganti Satyanarayana and A Srinivas Prasad.

The CBI was acting upon a complaint filed by the head of the Parishram SBI branch against the five. According to the complainant, Abdul Rawoof Pasha (under suspension) during his tenure (25-7-2017- to 5-12-2018) conspired with Vikram and Shiv to defraud the bank.

It is alleged that the directors of Incline Agrotech applied for a cash credit facility for an amount of Rs 6 crore for their business. The loan amount was sanctioned based on current assets in 2017, and the directors borrowed the same. However, due to the absence of any further inspection, the firm failed to meet the repayment obligation, and the account turned into a nonperforming asset.

The CBI booked a case against the five under sections 120-B r/w, 409, 420, 467, 468, 471, and 477 A.

CBI Chennai books Hyderabad firm

Central Bureau of Investigation officials from Chennai, on Tuesday, booked seven people in Hyderabad for defrauding the Central Bank of India to a tune of Rs 8.5 crore.

The CBI booked Maddala Ramesh Reddy, promoter of Sudhamsu Exim Private limited, the company’s two directors Bolla Raghupati Rao and Yaddala Ramana Reddy, and private persons Madhusudhan Reddy and Mopuri Rajeshwari.

Chief General Manager of the bank filed the complaint against the promoter and directors of Sudhamsu Exim (a company engaged in construction and engineering). According to the CGM, the company submitted forged financial records to avail loan. The directors used the photographs of the Aadhar card of Madhusudhan for mortgaging properties, which violates the rules.

CBI’s investigation found that the company directors misappropriated loan deeds, diverted and siphoned off money. Officials booked them for criminal conspiracy and cheating.

CBI searched 169 locations against bank defaulters

The Central Bureau of Investigation carried out searches at 169 locations across the nation and registered around 35 cases related to bank frauds worth Rs 7,000 crore. Searches are underway at the Hyderabad branches of Andhra Bank as well

In a robust move, multiple CBI teams, primarily from Delhi, conducted searches in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, MP, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Dadra and Nagar Haveli, concerning bank fraud Cases.

According to CBI, the banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, and Bank of India.

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