Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against six persons, including former chief manager of the Musheerabad branch of the Punjab National Bank (PNB), D.K. Dash and the city-based SMV Projects Private Limited for allegedly siphoning off Rs 3.94 crore.
The CBI named SMV Projects Private Limited managing director Kandula Srinivas, director Vandrasi Sanyasi, guarantor V. Chandrakanth and bank panel advocate K.V. Sreedhar in its First Information Report.
The complaint was lodged by PNB assistant general manager D. Noble Ambedkar on June 30.
According to the FIR, during 2013-14, Srinivas and Sanyasi approached the bank and applied for a working capital facility of Rs 4 crore to purchase and sell iron ore and construction material....