Hyderabad: The sleuths of Central Bureau of Investigation (CBI) have booked Andhra Pradesh based cashew products company in Rs 21.31 crore bank fraud case. Surya Sree cashew products represented by Tetali Surya Reddy based in Rajamundry defrauded the Punjab National Bank (PNB). But what makes this case stand apart is the manner of fraud.
The company's partners Tetali Surya Reddy and Tetali Bhadravathi availed financial loan of Rs 4 crore in 2011 which was later enhanced to Rs 7.45 Crore. Two years later the loan was further enhanced to Rs 20 crore against the warehouse receipts. The corruption lid blew off when the bank officials visited the godown. During the inspection it was found that the partners lifted stock up to 13,573 bags of cashew nuts in a clandestine manner in collusion with the National Bulk Handling Corporation officials. "The accused replaced raw cashews with empty cashew shells and defrauded the bank Rs 21.31 crore" CBI found.
It is also alleged that Punjab National Bank officials of Rajamundry branch provided finance against the stock stored in the warehouse godown.
The CBI booked Tetali Surya Reddy- Managing Partner, Tetali Bhadravathi–partner, Tetali Sudhakar Reddy, Karri Srinivas Reddy, official with National Bulk Handling Corporation Pvt limited, Dr Vijay L Kelkar, Dr Ajay Shah, Krishna Dwaram, Anil K Choudary, Ramesh Doraiswamy, Deepak Kumar Singh, Abhay Dandwate, Deepak Bureau, A Subba Reddy and unknown persons. A case under section 120 (B),13 (2) r/w 13 (1) (d) –(Criminal conspiracy,cheating,criminal breach and criminal misconduct) has been registered.
No charge sheet has been filed against any Director or Official of NBHC in the matter.
"NBHC was the one to notice the fraudulent replacement of the goods in the warehouse by M/ s Sudhakar Reddy, Karri Srinivasa Reddy on July 20, 2019, and had the FIR registered on August 16, 2019 after vigorous follow up. NBHC has represented already to Punjab National Bank to withdraw the names of Directors from their complaint. No charge sheet has been made against NBHC or its Officials by the CBI and that, as Independent Non-Executive Directors, are not part of day-to-day operations of the company, to be involved in any collusion as alleged in the complaint" said a NBHC official.