HYDERABAD: The Central Bureau of Investigation registered two cases against 31 aggregators, bank officials and others who cheated IDBI Bank to the tune of '539.05 crore taking loans under the Kisan Credit Card for pisciculture business.
The cases pertained to Andhra Pradesh and Telangana and senior bank officials were allegedly involved in the fraud.
The first case was registered against ten persons, including a former employee of IDBI Bank for a Rs 93.73-crore Kisan Credit Card loan fraud using forged documents at the Guntur branch between 2010 and 2012.
According to CBI officials, those named in the FIR were bank assistant general manager Chandrasekar Harish Channapagari, aggregators Ganduri Mallikarjuna Rao, Mada Srinivasa Rao, Eluri Prasada Rao and Gariganti Rajesh, borrowers Koteshwara Rao, Nagaphani Babu Vengigalla and Ravuri Hari Babu, bank panel valuer M. Nagaraju – and bank advocate P. Prabhakara Rao.
Bank officials had made a complaint to the CBI last December after which the sleuths took up an investigation. Between 2010 and 2012, the aggregators and borrowers furnished faulty collateral security of vacant agricultural lands and personal guarantee based on fake documents.
The bank officials colluded with the persons and cleared the loans. The money was deposited in the bank accounts of 142 borrowers over a period. In fact, the bank’s valuer and the advocate had given a go-ahead though the documents were forged.
The second case was against 31 persons including former general manager Battu Rama Rao, former general manager R. Damodaran, 22 aggregators and bank panel valuers.
The '192.98-crore fraud was committed between fiscals 2009-10 and 2011-12. The total outstanding amount due now was '445.32 crore, CBI officials said. All the borrowers were from Andhra Pradesh and Telangana.
2 Totem owners nabbed in Karnataka
Central Bureau of Investigation (CBI) has arrested Tottempudi Salaith and Tottempudi Kavita, promoters and directors of Totem Infrastructure Limited, for allegedly duping a consortium of eight banks, including Union Bank of India (UBI) to the tune of '1,394 crore.
The duo was arrested in Bengaluru by the CBI after questioning in the case. They will be produced before a court. The CBI officials will seek their custody from the court later to know where they have invested the money.
Officials suspect that huge amount of money was transferred into various accounts by the duo instead of paying it back to the consortium of banks, as per the agreement. The officials will now proceed to track down the money.
The Union Bank of India had filed a complaint with the CBI alleging that the company, its directors and promoters, had duped the bank along with eight others to the tune of '313.84 crore.
