cbi: Cbi books city company over loan fraud over bank complaint | Hyderabad News

Hyderabad: The Central Bureau of Investigation (CBI) booked an FIR against a partnership firm following a complaint filed by Canara Bank, Secunderabad.
CBI claimed TV Subbaiah, a company owned by TV Subbaiah of KPHB and others, received a 5 crore loan from Canara Bank. The funds were disbursed in November 2015 from the Serilingampally-Chandanagar office for the Company’s working capital and execution of power contract projects. The company secured the loan by pledging work in progress, accounts receivable and collateral for a piece of land pledged by a certain A Subramanyam, who also offered a personal guarantee along with the company owner. The account became a distressed asset in December 2018 with an outstanding liability of 3.9 crore.
“Most of the funds were diverted from the account to some NPA borrower accounts. An amount of 3.6 crore was diverted to the guarantors’ accounts. SVR Electro Projects Pvt. Ltd., of which A Radhakrishna was the managing director. He received power of attorney to manage the borrower’s account. An amount of 50 lakh was transferred to the Venkateshwarlu account, 66 lakh to the PVR Constructions account and 69 lakh was withdrawn in cash and used for purposes other than for which it was intended. Apparently, apart from SVR Electro Projects Pvt. Ltd,” the complainant alleged.
“There were defaults by bank officials and disciplinary action was taken. The bank asked the CBI to investigate public officials, the role of panellists and attorneys,” the CBI said. TV Subbaiah with A Subramanyam, SA Radhakrishna, unknown bank officials and private individuals defrauded the bank resulting in a 3 crore loss to the treasury. One case was registered in criminal conspiracy, misconduct and fraud sections.

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