According to the investigating agency’s bank security and fraud branch, Neeta Chemicals cheated banks of ₹533 crore, Vivimed Labs ₹184 crore and Vibha Agrotech ₹177 crore
The CBI acted on a complaint filed by the officials of SBI, Kacheguda branch.
Hyderabad: The Central Bureau of Investigation (CBI) has registered three separate cases against Vibha Agrotech, Vivimed Labs, and Neeta Chemicals (India) for allegedly duping banks to the tune of ₹ 894 crore.
According to the investigating agency’s bank security and fraud branch, Neeta Chemicals cheated banks of ₹533 crore, Vivimed Labs ₹184 crore and Vibha Agrotech ₹177 crore.
The CBI acted on a complaint filed by the officials of SBI, Kacheguda branch, alleging that Neeta Chemicals and its chairman Dinesh B. Trivedi, managing director Bhupendra B. Trivedi, executive director S. Rajasekhar, director Meghna B. Trivedi, Bhavana Trivedi, S. Logitha, Hitesh Ved, Tapinder Surendrajit Tucker, Guarantors Oora Sampath Rao, V. Ashok Kumar. The SBI officials alleged that they had duped the bank to the tune of ₹533 crore.
After obtaining the loan, the Neeta Chemicals management diverted the funds by depositing cash into several banks, including AP Mahesh Bank Ltd.
Madhu R.K., deputy general manager, State Bank of India, Stressed Assets Management Branch (SAMB), Secunderabad, lodged a complaint with CBI BS&FB alleging that Vibha Agrotech obtained ₹177 crore from the bank but defaulted on the loan amount. Cases were registered against Vibha Agrotech and its director Paruchuri Chandravathi for duping SBI.
According to the CBI officials, Vivimed Labs, and managing director Santosh Varalwar, directors Sandeep Varalwar, Manohar Rao Varalwar, and Subash Varalwar availed a ₹184-crore loan from SBI in Hyderabad to run their business.
In all three cases, the CBI registered cases under section 120-B (criminal conspiracy) read with 420 (cheating), 468 (forgery), 471 (using forged documents), 477A (falsification of accounts) of the IPC.
( Source : Deccan Chronicle )
Next Story