CBI files fraud cases in AP for cheating of public sector banks
Visakhapatnam: CBI, Visakhapatnam, has filed three fraud cases in Andhra Pradesh following cheating of public sector banks. P. Ravi Varma, general manager, Canara Bank Circle Office, Vijayawada, alleged that Bokka Satyanarayana Reddy, Goluguri Rama Krishna Reddy and others had been sanctioned overdraft facilities of ₹4.10 crore on August 25, 2015 at Canara Bank (erstwhile Syndicate Bank), JP Road branch, Bhimavaram.
Satyanarayana Reddy is accused of producing forged lease deeds, fake land conversion certificates with respect to collateral security, and highly inflated value of the collateral security. Goluguri Rama Krishna Reddy is guarantor to the said loan. As the complaint prima-facie discloses commission of cognisable offences punishable under sections of IPC and PC Act, 1988, CBI registered a case on September 3 against Bokka Satyanarayana Reddy, Rama Krishna Reddy, unknown public servants and unknown others.
The charge sheet has been sent to CBI special court, Visakhapatnam. The outstanding amount as on date of complaint is ₹13.60 crore. A complaint has also been registered against Srinivasula Venugopala Krishnamacharyulu for obtaining overdraft facilities of ₹4.5 crore on forged documents and not utilizing the money for the purpose for which the money had been taken.
Based on another complaint from Canara Bank, cases have been registered against Srirangam Kiran and Goluguri Srirama Reddy.
Bank of Baroda assistant general manager S.R. Tagore lodged a complaint against three directors of Risely Feeds Private Limited registered in Hyderabad. The company is engaged in trading of aqua feeds and raw materials related to prawn and fish culture.
The company initially received a cash credit limit of ₹15 crore from Bank of Baroda, Visakhapatnam region. Subsequently, the limit went up to ₹25 crore. Risely Feeds inflated inventory values in the balance sheet to cheat the bank and submitted false and forged balance sheets to avail the loan from the bank.
Based on the complaint by Bank of Baroda, cases under various sections have been registered against directors Sarella Peddiraju, Satti Chandra Sekhar Reddy and Meer Mohiddin Shaik.
