Hyderabad: The CBI’s Bank Security and Fraud Cell, Bengaluru, on Wednesday booked a case against the Hyderabad-based M/s VNR Infrastructure at Banjara Hills for defrauding Bank of Baroda to the tune of Rs 62 crore.
The CBI initiated the investigation against the company based on a complaint filed by the regional manager of Bank of Baroda. In their complaint the bank had requested the CBI to book a criminal case against M/s VNR Infra’s managing director Vakati Narayana Reddy, its director G. Praveen Kumar, company officials R. Srikanth Reddy, P. Mahindhar Reddy, M. Madhavaiah and some others for defrauding the bank, besides diverting the funds sanctioned for specific purpose of business.
The CBI found that the said amount, during the period between 2013 and 2019, was diverted instead of using it for the specific purpose.
A case under 120-B r/w 406, 420, 468 and 471 IPC was registered against the company for criminal conspiracy, criminal breach of trust , cheating, forgery and for using forged documents.
