Another fraud of Rs 445 crore detected by CBI; case registered against 31 persons including GM of IDBI

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CBI detects another fraud registers case against 31 people including IDBI bank officials.

The Hush Post: Another fraud has come to light. This time bank a fraud has been detected by the Central Bureau of Investigation and a case against 31 persons has been lodged, including against a General Manager of IDBI Bank, for defrauding the lender of Rs 445 crore, which was given as loans.

A complaint was made by the IDBI Bank itself, against its General Manager Battu Rama Rao. The complaint also includes the name of former Chief General Manager R. Damodaran and 21 aggregator groups and bank panel valuers for fraud and cheating by availing Kisan Credit Cards (KCCs) and other loans on the basis of false documents and overvalued collaterals.
The bank had made a complaint to the CBI in December 2017.
The bank has alleged that about 220 borrowers consisting of 21 aggregator groups in cohoots with Rao, posted at IDBI Bank in Hyderabad and Damodaran in Chennai, and the bank panel valuers availed KCC and pisciculture loans and other credits through 220 loan accounts from various branches of the bank.
The loans were given during 2009-10, 2010-11 and 2011-12.
The bank has alleged the total loan issued to the 21 aggregators was Rs 192.98 crore for which they have submitted false documents and overvalued collaterals. The bank has meanwhile declared the loan accounts as Non-Performing Asstes (NPAs).
The fraud came to light after an inquiry through which it was found that that there was no fish cultivation. The borrowers, who belong to Godavari, and Krishna districts of Andhra Pradesh and Adilabad in Telangana, diverted loans for other.

People named in the FIR are M.L. Rao of Adilakshmi Group, Nadimpalli Venkata Subba Raju of N.V. Subba Raju Group, Samayamanthula Sudhakar of S. Sudhakar Group, T.C. Venkateswara Rao, Nadimpally Rama Raju, K.S.V. Prasada Raju, P.S. Chowdhary and B.C. Reddy, among others.

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