Hyderabad: CBI books biotech firm, 6 others for duping SBI
Hyderabad: The Hyderabad unit of the Central Bureau of Investigation (CBI) has booked a case against Khairatabad-based Nidhi Biotech Private Limited and six others for allegedly duping State Bank of India (SBI) of over Rs 6 crore in 2017-18. Among the booked are company’s managing director Janga Srinivas Reddy and director B Lakshmi Shilpa.
The case was registered under Section 120B (criminal conspiracy) read with Sections 420 (cheating), 468 (forgery) and 471 (using as genuine a forged document or electronic record), 409 (criminal breach of trust by a public servant, or by banker, merchant or agent) of IPC along with the provisions of the Prevention of Corruption (PC) Act.
The case was booked following a complaint by SBI AGM and Regional Manager Konda Ravi Sekhar. According to the FIR, the company, which was into the trading of seeds and other agri-products, availed credit limits of Rs 6 crore for working capital in October 2017.
The company allegedly submitted fabricated challans as proofs for infusion of the capital. Moreover, the transactions were not being routed through the CC account. Srinivas Reddy allegedly offered non-existent immovable properties in Abdullapurmet, Santoshnagar and Mehdipatnam as security for the loan amount.
Of the three collateral properties, two property titles were defective and not traceable. During the bank’s internal audit inspection in November 2018, it was found that the unit was closed and the company could not show physical stocks or proper records of sale proceeds even after several reminders.
Based on the inspection report, the account turned into a Non-Performing Asset (NPA) in December, 2018.
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