CBI After Hyderabad Firms Involved In Multi-Crore Bank Loan Fraud, Registers Two FIRs

NEW DELHI: The Central Bureau of Investigation (CBI) has filed separate cases against two private companies based in Hyderabad for alleged bank loan fraud.

According to the officials, Nandi Grain Derivatives Pvt Ltd based in Hyderabad, represented by its Directors, conspired with others and obtained loans from Bank of Baroda, Banjara Hills Branch, Hyderabad, and later diverted the loan funds for purposes other than those for which the loan was granted, as well as for personal gain.

According to the officials, the accused provided fake stock statements to the bank in order to conceal their irregularities fabricated their books of accounts, and wilfully defaulted on repayments. The bank allegedly suffered a loss of Rs 61.86 crore.

Searches were undertaken in six locations, including Hyderabad, Nandyal, and Kurnool, resulting in the seizure of various damning documents.

In another case, an FIR was registered against six accused including three private companies based at Hyderabad, private persons, MD of Bank Valuer Firm and unknown public servants.

It was alleged that the private company based at Hyderabad had availed secured overdraft facility of Rs 4 crore and LC of Rs 2 crore with a total limit of Rs 6 crore on October 26, 2016, for business purposes from Union Bank of India (Earlier Andhra Bank), Defence Colony, Hyderabad.

It was further alleged that after availing the loan, the company committed default in repayment of the loan in violation of the terms of loan agreement and the account slipped into Non-Performing Assets(NPA) on November 30, 2018.

Bank declared the account as fraud on September 30, 2019 and reported it to RBI on October 19, 2019. It was also alleged that the borrowers had diverted and misappropriated the borrowed funds and also mortgaged disputed, unidentified property. An alleged loss of Rs 8.15 crore(approx) was caused to Bank.

Searches, in this case, were conducted at the premises of the accused which led to the recovery of several incriminating documents. Investigation in both cases is continuing.

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