CBI books Chittoor based S.V Milk Pvt Ltd in Rs 23 Cr bank fraud case

By Newsmeter Network  Published on  5 Jan 2022 6:15 PM GMT
CBI books Chittoor based S.V Milk Pvt Ltd in Rs 23 Cr bank fraud case

Andhra Pradesh: The Central Bureau of Investigation has booked Chittoor based S.V Milk and Milk Products Private Limited and its promoters in a Rs 23.10 Crore worth bank fraud case. The company's processing units sells milk under the brand names of Aamolyaa, Aruna and Ajanta.

Established in 2008, S.V Milk product private limited is represented by Directors Pemmasani Parvathi Munisekhar Naidu, Pemmasani Parvathi and son P Sravan Kumar. The crime dates back to 2010 when the State Bank of India sanctioned a loan of Rs 23 Crore. It is to note that family members P. Munisekhar's family members stood at guarantors.

Probe revealed that the company submitted fake documents- Income tax, sales tax and indulged in diverting funds. The properties submitted to the bank as security was found to be sold to other persons without the knowledge of the bank. The promoters caused the bank a loss of Rs 23.10 Crores, the CBI said.

Based on a complaint filed the SBI regional manager, the CBI booked a case under 120-B, 420, 468, 471 of the Indian Penal Code and section 13 (2) r/w 13 (1) (d) of the Prevention of Corruption Act.

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