CBI books case against Hyderabad-based company for fraud
Hyderabad: The Central Bureau of Investigation (CBI) has booked a case against a city-based private company including its directors and other unknown persons for allegedly causing loss to the tune of Rs.44.60 crore to Khairatabad branch of Bank of Baroda (BoB).
The case was booked against Vijaya Aero Blocks Private Limited in Banjara Hills and its directors – Narra Prasanna Kumar, Chigurupati Ram Prasad, Narra Lakshmi Prasanna,Narra Vijaya Lakshmi, and unknown public servants, according to CBI press release.
After registering a case, the CBI carried out searches at three places including Hyderabad resulting in recovery of several incriminating documents.
It was alleged that during 2014 to 2017, the company represented by its directors availed loans from Khairatabad branch BoB on the basis of inflated project cost and diverted loan funds for other than business activities. For personal gains, they allegedly submitted false stock statements to the bank to conceal their irregularities and wilfully defaulted in repayment and caused loss to the tune of Rs.44.60 crore approximately to the bank.
In a separate case, the CBI registered a case against a private company based at Prakasam district in Andhra Pradesh along with its chairman, five directors, two more firms and unknown persons based on a complaint from union Bank of India in Vishakhapatnam.
The case was registered against BK Threshers Private Limited in Prakasam, its Chairman Bellam Kotaiah and directors Bellam Jayanth Babu, Makkena Hari Babu, Bellam Aruna, Makkena Swaroop Chowdhry, Bellam Ravi Chandra, B K Exports, Mahi Agro Private Limited and unknown public servants, the CBI press release said.
It was alleged that the private company and its directors in conspiracy with others fraudulently availed credit facilities by submitting manipulated financial statements, diverted loan proceeds and thereby caused loss of Rs. 228.02 crore to the bank.
The premier investigating agency conducted searches at eight places in Andhra Pradesh leading to recovery of incriminating documents. In yet another case, the CBI booked a case involving a private company based at Ahmedabad and its directors following allegations of causing loss of Rs.631.97 crore to Bank of India in the matter of various credit facilities.
