HYDERABAD: Central Bureau of Investigation has registered a cheating case against five other people, including two officials of Punjab National Bank and a Jubilee Hills-based Infrastructure Company. The accused duped the bank of Rs4 crore by means of pledging non-existing land in Vizag as collateral safety and siphoned off the loan amount.
In the FIR lodged on June 30, CBI named former chief supervisor, PNB Musheerabad branch, DP Dash, SVM Projects Pvt Ltd managing director Kandula Srinivas, director V Sanyasi, guarantor V Chandrakanth, panel advocate of PNB Musheerabad branch KV Sreedhar. The accused are all residents of Vishakapatnam and Vizianagaram. The infra corporate places of work are situated at Hyderabad and Visakhapatnam.
Accused D P Dash processed the loan software and sanctioned Rs3.75 crore in September, 2013 in favour of SMV Projects against the principle safety of construction fabrics and iron ore and vacant land of 1.32 acre in Madhurawada village in Vizag as collateral safety. The loan amount has was a nonperforming asset (NPA) of Rs3.94 crore.
Internal investigation performed by means of the bank printed directors and guarantor of the infra corporate siphoned off price range in connivance with DP Dash and led to losses to the bank. The investigation also printed the panel advocate allegedly connived with debtors and bank officials and gave a false seek report back to avail credit score facilities. The loan amount gained by means of accused was once transferred to a fake account and diverted for different purpose. The property at Madhuravawa, which was once presented as collateral safety for loan of land did not exist.
It’s alleged banking officials did not scrutinise monetary knowledge of the company. Also, it had a ghost director, with the identify F V Sanyasi. Directors opened a fictitious account in the identify of Digvijay Mineral and siphoned off price range.
In the FIR lodged on June 30, CBI named former chief supervisor, PNB Musheerabad branch, DP Dash, SVM Projects Pvt Ltd managing director Kandula Srinivas, director V Sanyasi, guarantor V Chandrakanth, panel advocate of PNB Musheerabad branch KV Sreedhar. The accused are all residents of Vishakapatnam and Vizianagaram. The infra corporate places of work are situated at Hyderabad and Visakhapatnam.
Accused D P Dash processed the loan software and sanctioned Rs3.75 crore in September, 2013 in favour of SMV Projects against the principle safety of construction fabrics and iron ore and vacant land of 1.32 acre in Madhurawada village in Vizag as collateral safety. The loan amount has was a nonperforming asset (NPA) of Rs3.94 crore.
Internal investigation performed by means of the bank printed directors and guarantor of the infra corporate siphoned off price range in connivance with DP Dash and led to losses to the bank. The investigation also printed the panel advocate allegedly connived with debtors and bank officials and gave a false seek report back to avail credit score facilities. The loan amount gained by means of accused was once transferred to a fake account and diverted for different purpose. The property at Madhuravawa, which was once presented as collateral safety for loan of land did not exist.
It’s alleged banking officials did not scrutinise monetary knowledge of the company. Also, it had a ghost director, with the identify F V Sanyasi. Directors opened a fictitious account in the identify of Digvijay Mineral and siphoned off price range.
PNB staffers, Infra comp booked for loan fraud
![PNB staffers, Infra comp booked for loan fraud]()
Reviewed by Kailash
on
July 03, 2018
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