Disbursement of Rs 20 crore was made to JBL directly, which was misappropriated by the company. DC file image
HYDERABAD: The Central Bureau of Investigation (CBI) officials registered criminal cases against Jupiter Bioscience Limited (JBL), its CMD Kalavakolanu Venkata Ramana, Kever Pharma and its director Shyamsunder Suri and valuer D.S.K Avadhani for duping the IFCI bank to the tune of Rs 52 crore.
M. Srinivas Rao, DGM, law, IFCI bank, New Delhi, lodged a complaint with the Hyderabad CBI officials that the management of Jupiter Bioscience Limited approached the IFCI Hyderabad office at Saifabad seeking a loan of Rs 60 crore for the purpose of repayment of the then existing debt to the extent of Rs 40 crore, and Rs 20 crore for expanding its business.
The IFCI, considering the request of JBL, had sanctioned Rs 60 crore for the purpose.
Disbursement of Rs 20 crore was made to JBL directly, which was misappropriated by the company.
In the pledged property documents, the accused company and its management showed fake value of its property located at Amberpet in Hyderabad and in Bangalore. The audit report indicated that the accused company and its management conspired in duping the bank and diverted the loan amount.