Hyderabad: The Central Bureau of Investigation- Hyderabad unit have booked a criminal case against West-Godavari based Krishna Stockists and traders private for causing the bank a wrongful loss of Rs 338. 37 crore.
Engaged in trading of maize and neem seeds since 2009, Krishna Stockist and traders are represented by directors Thota Kanna Rao, Thota Venkata Ramana.
The crime dates back to when the company was sanctioned a loan of Rs 65 crores by a consortium of banks. Further in 2014-15 and 2015-, Canara bank was the lead lender and a total of Rs 152 crore was sanctioned.
However the fraud was detected when the consortium of banks detected that the company had availed the loans via fraudulent manner. The directors submitted fake balance sheets, stock statements and diverted the funds, found an independent probe. Later in 2017, the account of Krishna stockiest was classified as Non-performing asset.
The CBI, which acted based on a complaint filed by the bank authorities, has registered a criminal case against the Thota brothers.