CBI books Hyderabad-based agro company for bank fraud
The case was booked against the company managing partners - Ramjee Adalla and Peddapati Padmavathi, and another person Santosh Yadav
Hyderabad: The Hyderabad unit of Central Bureau of Investigation (CBI) has booked a conspiracy case against a city-based agro company and three others for duping a nationalised bank to the tune of Rs 3.44 crore.
The case was booked against the company managing partners – Ramjee Adalla and Peddapati Padmavathi, and another person Santosh Yadav based on a complaint lodged by the bank general manager.
Ramjee Adalla approached the then Syndicate Bank (presently Canara Bank), NS Road Branch here, and applied for working capital limit of Rs 3 crore towards procuring agro products in 2017. Ramjee also availed a vehicle loan of Rs 8.50 lakh from the branch in 2018 apart from availing adhoc/Temporary Overdraft (TOD) of Rs 30 lakh on the working capital later.
The company committed default by not remitting work bills towards OD account being maintained with the bank, siphoned off the business funds and failed to submit financial returns, stock statement and debtors list. False information was provided on outstanding stock, inventories, accounts receivable and non-payment of TOD in time.
The loan was classified as NPA in 2019 with outstanding liability as on date as Rs 3.44 crore. It was found that the collateral property of an open land at Kondapur cannot be auctioned as Padmavathi impersonated Kana Vijaya Lakshmi, who owns the land, the CBI FIR said.
It said Ramjee in connivance with Santhosh Yadav made Padmavathi to impersonate as Vijaya Lakshmi and executed loan and other documents. They also forged various company documents and presented to the then Syndicate Bank, the FIR added.
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