The Central Bureau of Investigation has registered a case against five accused including Hyderabad (Telangana) based private company & its two Directors; a Guarantor; another private company based at Nandyal; unknown public servant(s)/private person(s). It has been alleged that the private company based at Hyderabad represented by its Directors entered into a conspiracy with others & availed loans from Bank of Baroda, Banjara Hills Branch, Hyderabad and later diverted the loan funds for other than the purpose for which the loan was given & also for personal gains. It has been further alleged that the accused submitted false stock statements to bank for concealing their irregularities, falsified their books of accounts and willfully defaulted in repayments. An alleged loss to the tune of Rs.61.86 crore(approx) was caused to Bank.
Searches, in this case, were conducted at 6 places including at Hyderabad, Nandyal, Kurnool which led to recovery of several incriminating documents.
The other case was registered against six accused including 3 private companies based at Hyderabad, private persons(Partners of the borrower private firm); MD of Bank Valuer Firm & unknown public servants/private persons. It was alleged that the private company based at Hyderabad had availed secured over draft facility of Rs.4 crore and LC of Rs.2 crore with total limit of Rs.6 crore on 26.10.2016 for business purpose from Union Bank of India (Earlier Andhra Bank), Defence Colony, Hyderabad. It was further alleged that after availing the loan, the company committed default in repayment of loan in violation of the terms of loan agreement and account slipped into Non-Performing Assets(NPA) on 30.11.2018. Bank declared the account as fraud on 30.09.2019 and reported to RBI on 19.10.2019. It was also alleged that the borrowers had diverted & misappropriated the borrowed funds and also mortgaged disputed, unidentified property. An alleged loss of Rs.8.15 crore(approx) was caused to Bank.
Searches, in this case, were conducted at the premises of accused which led to recovery of several incriminating documents.
Investigation in both the cases is continuing.