CBI books Hyderabad based Prudvi Solar Power company in Rs 3.81 Cr bank fraud

Hyderabad: The sleuths of Central Bureau of Investigation (CBI) have booked a Secunderabad based Prudvi Power project's managing director Srinivas Raju Byrraju in a Rs 3.81 Crore bank fraud case.

A case under criminal conspiracy and cheating has also been booked against, Ms Suseela Byrraju, director of Prudvi power projects, Krishna and Shiva Raj Kaliga, both bank panel valuer.

The CBI acted based on a complained filed by the manager of Regional Business office – State bank of India. The Investigation found that, Prudvi Solar Projects private limited represented by its directors Byrrraju Srinivas Raju has availed cash credit limit of Rs 4. 50 Crore in 2015 under the Dropline Overdraft scheme from State bank of India. The loan was sought to install a 5 MV solar plant. The MD placed on security a non- agricultural land.

The crime took place when the party later mortgaged the property and the bank valuers in connivance inflated the value of the land. "It is alleged that the company has transferred the borrowed funds to its current and personal account of directors and also to sister company Prudhvi Infra and developers. This caused the bank a loss of Rs 3.81 Crore' said the CBI.

A case under section 120-B r/w, 409, 420 and 477 of Indian Penal code and 13 (1) of prevention of corruption act has been registered against Prudvi Solar Power Projects Private limited and its managing directors.