Rs 6 Cr loan fraud: CBI books West Godavari UBI manager, 7 others

By Newsmeter Network  Published on  24 Sep 2021 5:45 AM GMT
Rs 6 Cr loan fraud: CBI books West Godavari UBI manager,  7 others

Hyderabad: Central Bureau of Investigation (CBI) has booked the Union Bank of India (UBI) West Godavari branch manager and seven others for Rs 6 crore loan fraud. The Investigating agency registered a case after the general manager of the Union Bank of India filed a formal complaint.

The crime dates back to the period when accused Achanta Somashekar, Yerramsetti Naga Venkata Giri, Chittudi Subramanyam, Reddy Veera Venkata Durga Prasad, Kola Veera Venkata Nagaraju, Sirigineedi Bhandra approached the Union Bank of India for a loan of Rs 97 lakhs each for setting up fish culture units.

The then UBI branch manager Chadalavada Chittiababu granted them a loan without involving his subordinates. In this process, Chittibabu violated the bank's guidelines. Following an internal complaint, an independent investigation was conducted by a private agency. The probe revealed that the fish tanks had no sanction from the fisheries department. Lease agreements from the landlords were not registered.

The loan was sanctioned with verifying the documents and no physical inspections were carried out. It was found that the accused were not engaged in the pisciculture activity.

A criminal case has now been booked against Chadalavada Chittiababu- branch manager, Achanta Somashekar, Yerramsetti Naga Venkata Giri, Chittudi Subramanyam, Reddy Veera Venkata Durga Prasad, Kola Veera Venkata Nagaraju, Sirigineedi Bhandra Kumar, and one unknown person.

Next Story
Share it