Official offered property for loan: ACB to Hyderabad High Court
Earlier, the ACB has written a letter to the bank to freeze the accounts of the company.
Hyderabad: Andhra Pradesh’s Anti-Corruption Bureau on Wednesday informed the Hyderabad High Court that P. Panduranga Rao, engineering-in-chief of AP public health department, who was caught by the ACB in disproportionate assets case, has pledged seven of his properties with SBI to facilitate cash credit to Sudharma Infratech (P) Ltd of Visakhapatnam.
A division bench comprising Acting Chief Justice Ramesh Rangan-athan and Justice G Shyam Prasad was dealing with the appeals by ACB D-G challenging an order of a single judge in permitting Sudharma Infratech to operate its bank account in SBI. Earlier, the ACB has written a letter to the bank to freeze the accounts of the company.
Mr. Uday Bhaskar, the counsel for the ACB, submitted that though the company has been claiming that Panduranga Rao has given only one property as collateral security, but actually he had given his seven benami properties as collateral security to SBI to avail the company cash credit facility.