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CBI books two cases in Rs 539-crore IDBI fraud in Andhra, Telangana
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SME Times News Bureau | 24 Mar, 2018
The Central Bureau of
Investigation (CBI) has booked 41 persons including three officials of
the Industrial Development Bank of India (IDBI) for cheating the bank to
the tune of Rs 539 crore in Andhra Pradesh and Telangana.
The
federal agency registered two separate cases relating to large-scale
frauds in IDBI branches in the two states in sanctioning pisciculture
loans.
In the first case, 31 persons including IDBI's General
Manager Battu Rama Rao and former Chief General Manager R. Damodaran, 22
aggregators and bank panel valuers were booked for cheating the bank to
the tune of Rs 445.32 crores. Rama Rao has also been removed from the
service.
The central agency booked the accused on charges of
criminal conspiracy, cheating, forgery, criminal misconduct and
misappropriation.
The action came after a complaint by IDBI
official in Hyderabad that about 220 borrowers, consisting of 22
aggregators, conspired with IDBI bank officials at its Basheerbagh
(Hyderabad) and Siripuram (Visakhapatnam) branches, along with bank
panel valuers, and availed Kisan Credit Card (KCC) and pisciculture
loans through 220 loan accounts from different branches of the bank
aggregating Rs 198.28 crore
The loans, which were availed on the
basis of fake documents and overvalued collateral property, subsequently
become NPA. The outstanding amount as on September 2017 stood at Rs
445.32.
It was found that pisciculture or no other fish farming
activity was ever taken up in the said lands in East and West Godavari
and Krishna districts of Andhra Pradesh and Adilabad district in
Telangana and that sanctioned loans were misappropriated.
Bank
panel valuers Lt. Col. B.K. Sahoo, Aakar Consulting Engineers, R.A.
Sharma, M.V. Srinivasulu, Subha Syndicate, Srinivasa Rau and Somasekhara
Rao were among those booked.
In the second case, the CBI booked a IDBI official and nine others for defrauding the bank to the tune of Rs 93.73 crore.
Chandrasekhar
Harish Chennapagari, who was working as Assistant General Manager at
Guntur branch of IDBI, allegedly abused his official position to process
and sanction 142 pisciculture loans from 2010 to 2012. He has been
removed from service by the IDBI.
Investigations revealed that
the loans were sanctioned on the basis of fake documents. The accused
include a bank panel valuer, a bank panel advocate, aggregators and
individual borrowers.
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