CBI books Hyd-based Green Fields Power Services in Rs. 4.69 Cr bank fraud

Hyderabad: The sleuths of the Central Bureau of Investigation (CBI) have booked Green Fields Power Services, represented by its managing director Sure Suryanarayana Murthy, in a Rs. 4.69 crore bank fraud case.

Located in Visakhapatnam and Hyderabad, Green Fields Private Service is engaged in renewable energy and generating efficiency power solutions and products. The managing director also represents another company, GTS Industries Private Limited.

The CBI officials were acting based on a complaint filed by SBI regional manager, Visakhapatnam. It is alleged that the company cheated SBI to the tune of Rs. 4.69 crore by submitting fake and fabricated documents. The directors showed government and non-existing properties as security in order to avail the loan.

The crime dates back to 2012 when the company was sanctioned a cash credit limit of Rs. 4 crore. The loans were later increased to Rs. 10 crore based on collateral securities produced by the company. "After availing the loan, the company failed to adhere to the terms and conditions resulting in non-performing assets," the CBI said.

Based on the investigation, the CBI, under sections 13 (2) read with 13 (1) (d) of the Prevention of Corruption Act, booked Sure Suryanayana Murthy, his son Sure Vishnu Narasimha Gupta, Sure Ayyappa Sai Sarat Chanda Kumar, Sure Banu, Bongu Sridhar, and sister company GTS Industries Private Limited located in Visakhapatnam.