Nation Other News 02 Dec 2021 Infra firm in the do ...

Infra firm in the dock for cheating bank of Rs 8.15 crore

DECCAN CHRONICLE. | MOULI MAREEDU
Published Dec 2, 2021, 3:30 am IST
Updated Dec 2, 2021, 7:10 am IST
Prithiviram infra is a partnership firm engaged in building infrastructure, residential and commercial properties
The funds were transferred to the accounts of Navega Enviro Engineers and Lorven Green Energy Projects Private and Pritviram management failed to submit invoices. (Representational Image. AFP)
 The funds were transferred to the accounts of Navega Enviro Engineers and Lorven Green Energy Projects Private and Pritviram management failed to submit invoices. (Representational Image. AFP)

Hyderabad: Officials from CBI Hyderabad registered criminal cases against Prithiviram Infra Private Limited and its management for defaulting Union Bank of India to the tune of Rs 8.15 crore.

The cases were registered against the firm located at Jubilee Hills and its partners, Undavalli Raja Gopal of East Godavari district, Guntur’s B Seshagiri Rao, owner of Navega Enviro Engineers and Consultants, Lorven Green Energy Projects, Somajiguda, and bank panel valuer M Chandra Prakash and Associates and others.

 

The bank’s deputy general manager of Secunderabad S Srinivas lodged a complaint with CBI officials alleging that the fraud took place between 2017 and 2018 but came to light in 2020. Prithiviram infra is a partnership firm engaged in building infrastructure, residential and commercial properties.

Raja Gopal and Seshagiri Rao took a secured overdraft facility of Rs 4 core and a LC limit of Rs 2 crore in 2016 the bank’s Defence Colony branch. Primary securities were in the form of hypothecation of stocks collateral of residential plot no.52, Rakshapuram Co-op Housing Building Society Limited, Kanchanbagh and non-agricultural open land admeasuring 10,043 square yards yards in Sy.No.232/part, Gaganpahad, Rajendra Nagar.

 

Subsequently, they began defaulting repayments and eventually slipped to NPA.  

"We were not able to initiate SARFAESI action as the suit was filed by persons residing in locations under collateral security. The Rajendranagar property was claimed by a third party Jaya Prakash Agarwal. Chandra Prakash and Associates has given a valuation report of Collateral Security," Bank officials said.

Chandra Prakash and Associates gave a valuation report on the non-agricultural open land, which is not traceable.

The funds were transferred to the accounts of Navega Enviro Engineers and Lorven Green Energy Projects Private and Pritviram management failed to submit invoices.

 

The firm’s partners and others in collusion with Chandra Prakash and Associates misappropriated the borrowed funds and mortgaged disputed, unidentified property. They caused a wrongful loss to the bank to the extent of Rs 8.15 crore.

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Location: India, Telangana, Hyderabad




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