Vishakapatnam: The CBI, on 8 January, booked Rajamundry-based Vijaya Durga Green Fields' directors for cheating Canara Bank to the tune of Rs. 8. 51 crores.
The investigating agency was acting on a complaint filed by the general manager of Canara Bank in connection with a fraud reported in the bank's Siripuram branch in Vishakapatnam.
Vijaya Durga Green Fields is engaged in trading all types of cotton. It is represented by directors Nandamuri Meena Latha, late Potluri Sitaratnam, and P. Mohan Murali Krishna.
The company took a working capital limit of Rs 8.5 crores from Canara Bank, Vishakapatnam. However, at the beginning of 2019, the company's account turned into a non-performing asset. An independent audit carried out by the bank revealed many discrepancies in the financial transactions. The company has cheated the bank to the tune of Rs. 8.51 crore, said the CBI.
The agency has booked Nandamuri Meena Latha and P. Mohan Murali Krishna under sections 120 (B) and 420 (criminal conspiracy and cheating) of the IPC and section 13(2) read with 13 (1)(d) of the Prevention of Corruption Act.