After the loan turned into a non-performing asset, the bank complained to the CBI, which registered cases against the company and took up a probe: Reports
HYDERABAD: CBI officials have registered cases against Hyderabad-based Cold Storage Private Limited for duping Union Bank of India to the tune of ₹6 crore by taking loan and defaulting on it.
According to the CBI officials, the cases were registered against Balanagar-based Cold Storage Private Limited and its management and directors Bolu Hymavathi, a resident of Chirala in Andhra Pradesh, Madanachari Kanchari, a native of Gandeed village of Ranga Reddy district, and Duvvuri Varija, a resident of Mehdipatnam.
The CBI’s action followed a complaint received from Union Bank of India SD Road branch deputy general manager V. Sree Venkata Nagesh, alleging that the company had taken a term loan of ₹5.5 crore from the bank pledging properties as collateral. But the company diverted the funds and defaulted on the loan repayment.
After the loan turned into a non-performing asset, the bank complained to the CBI, which registered cases against the company and took up a probe.
