Hyderabad: CBI books eight, including former AGM, for bank fraud
It was alleged that, the fraud caused loss of Rs 1,229.58 lakh to the bank
Hyderabad: The Central Bureau of Investigation (CBI) has booked a case against eight persons including the former AGM at the regional office of the Syndicate Bank at Nizamabad and two former bank chief managers for allegedly causing losses of Rs 1,229.58 lakh to the bank.
According to a press note, it was alleged that a civil contractor approached the bank’s Chandanagar branch and availed Rs 500 lakh as working capital and Rs 500 lakh as bank guarantee during 2016-17 to meet the expenses of his contract works. It was further alleged that the account slipped to NPA during June 2017 within one year, with an outstanding loan of Rs 872.92 lakh during June 2017.
Some of the assets mortgaged to the bank by the contractor proved to be non-existent while in respect of some other assets, valuation reports submitted by valueers appeared to be inflated. Thus, the bank suffered a loss of Rs 1,229.58 lakh.
The CBI officials conducted searches on the premises of the accused at Musheerabad, Hyderabad, Secunderabad, Kodada and Kukatpally and recovered several documents. Investigation is on.
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