CBI case against Chittoor Firm for cheating Grameena Bank of Rs 18cr
Hyderabad: A Chittoor based firm is under the scanner of the Central Bureau of Investigation (CBI) for allegedly cheating Saptagiri Grameena Bank to the tune of Rs 1,836.95 lakh. Following the case, CBI sleuths conducted searches at several places in Chittoor district of AP.
An FIR registered by the CBI names the firm as Sri Balaji Cold Storage represented by R. Royal Kumar located at Gokul Street in Punganur of Chittoor district.
The others named in the FIR are Dwarakamal Rural Godown represented by R. Deepa, G. Mallikarjuna Rao, G. Anuradha, R. Shobha Rani and T. Harindranatha Sama and unknown public servants.
The bank officials alleged that the loans obtained by 150 farmers were transferred to the savings bank accounts of the partners of the cold storage and rural godown and thus they were the beneficiaries of the loan amount.
According to the CBI officials, regional manager of the Saptagiri Grameena Bank alleged that Sri Balaji Cold Storage and Sri Dwarakamai Rural Godown owned by R. Royal Kumar and his family members had issued ware house receipts to around 150 farmers. The receipts stated that the farmers had stored a stock of tamarind and tamarind seeds in the cold storage and the godown.
Both the firms also gave a guarantee and undertaking to Saptagiri Grameena Bank that the stocks will be released when the original ware house receipts are produced to the firms. However, the firms allegedly released the stocks without collecting the ware house receipts from the farmers. The farmers had deposited the ware house receipts with the banks as guarantee and obtained Agriculture Produce Marketing Loans (APML) to the tune of Rs 1,464.60 lakh from the bank.
The bank officials had alleged that the cold storage unit and rural godown intentionally delivered/released the stock of tamarind and tamarind seeds which was primary security for the loan extended by the bank. All the 150 accounts were declared NPA on June 30, 2017 and the firms released the stock without the bank’s knowledge. Following a complaint made by the bank, the Economic Offence Wing of the CBI registered a case and investigation has begun.
