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CBI Registers Case Against Private Firm For Rs 218 Crore Loan Fraud
The Central Bureau of Investigations registered a case against a private firm for allegedly committing bank fraud worth Rs 218 crore.
G
Guru Prasad
Hyderabad
Thu Feb 03 2022
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CBI Registers Case Against Private Firm For Rs 218 Crore Loan Fraud
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The Central Bureau of Investigations (CBI) registered a case against a private firm for allegedly committing bank fraud worth Rs 218 crore. The inquiry came after the stressed assets management (SAM) branch of State Bank of India, Secunderabad, filed a complaint.


The accused, along with subsidiary companies and others, resorted to diversion of loan funds and resorted to excess drawings of loan proceeds by submitting inflated invoices to the bank. In all, searches were conducted at three places in Hyderabad, from where the CBI managed to procure many incriminating documents.


CBI then registered a case against a private company based in Ameerpet, including its managing director, a director, and unknown public servants and private persons. Initially, the private firm was allotted Rs 9.5 crore. A fund-based limit was established on September 14, 2017, which was enhanced from time to time to cater to the capital requirements of the borrower.


In all, Rs 89.50 crore was allotted to the company. However, the loan account was declared as non-performing assets NPA in March 2014 after non-payment of dues to SBI. An amount of Rs 218.21 crore is outstanding on March 31, 2021, including interest.


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CBI Registers Case Against Private Firm For Rs 218 Crore Loan Fraud
CBI Registers Case Against Private Firm For Rs 218 Crore Loan Fraud
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