Hyderabad: The CBI Bengaluru unit booked a Bengaluru-based biofuel firm for defrauding the State Bank of India to the tune of Rs. 14 crore.
The CBI has registered a case against Ankit Biofuels LLP, its chief executive officer G.B Aradhya, former promoter K. Venkatesh, current partners J. Halesh, Arun D. Kulkarni, Hyderabad-based G. Pullam Raju, K. Subba Raju, Thirumallaiah Thimmappa, and some public servants.
The case dates back to 2015 when Ankit Biofuels LLP, via its promoters, approached the State Bank of India's Rajaji Nagar branch in Bengaluru for financial assistance of Rs. 15 crore.
The company is engaged in manufacturing briquette and pellets from biomass and the loan was sought to set up a plant and machinery in Karnataka's Tumkuru. The funds were sanctioned by the bank against the collateral security created by way of mortgage over land of 56 acres and 36 guntas owned by G. Pullam Raju and K. Subba Raju in Rangareddy district of Telangana.
The same year, the loan was dispatched. But due to non-payment the account was classified as non-performing assets (NPA) on 28 June 2017.
Following this, an independent probe conducted by SBI revealed that the mortgaged properties were not owned by Pullam Raju and Subba Raju to the extent claimed by them and they had titles of 32 acres and 21 guntas only.
It was further revealed that the guarantors had submitted fake patta passbook (title book) in order to secure the loan. Also, the same properties were also mortgaged with IFC Venture Capital Fund Ltd.
Apart from this, a fresh valuation conducted by SBI found that the realizable value of the property was only Rs. 5.8 crore much against the Rs. 30 crore reported in the earlier valuation reports taken by the bank at the time of sanctioning the loan. This indicated the role of those who had earlier evaluated the property.
Balance sheets revealed that the company promoters who sought loan for setting up the plant and machinery had diverted Rs. 5.34 crore to Sun Agrotech Inc, Sun Bio-fuels and Sun Eco-flames, firms floated by G.B Aradhya, the CEO of Ankit Biofuels LLP.
"The partners of Ankit Biofuels LLP diverted and siphoned off public money sanctioned and disbursed for setting up plant and machinery and thereby cheating the bank and causing wrongful loss to the tune of Rs. 14.41 crore plus interest from 28 June 2017 to the State Bank of India and corresponding wrongful gain to themselves," the FIR read.