CBI books PNB and an infrastructure company for loan and land fraud in Vizag

A cheating case has been registered by the Central Bureau of Investigation (CBI) on the officials of Punjab National Bank (PNB) and Jubilee Hills-based Infrastructure Company, for faking the bank for Rs 4 crore on a non-existing land in Vizag, as collateral security.

The money has been sanctioned by the bank and an FIR has been lodged on June 30. The CBI filed charges on the former chief manager of PNB, Musheerabad branch, DP Dash, SVM Projects Pvt Ltd managing director, Kandula Srinivas, director, V Sanyasi and panel advocate of PNB Musheerabad branch, KV Sreedhar. All the accused are residents of Vizag and Vizianagaram. The infra company offices are located in Hyderabad and Visakhapatnam.

In favour of SMV Projects, Rs 3.75 Crore loan has been sanctioned by the PNB Bank, in September 2013, to the accused D P Dash. The accused has submitted documents of a vacant 1.32 acre land at Madhurawada in Vizag, as collateral security. As a nonperforming asset, the loan amount has turned to Rs 3.94 Crore.

The bank, on conducting an internal investigation, found out that the directors and officials of the infra company have drawn off funds and caused losses to the bank. Also, the advocate made a deal with the borrowers and bank officials and submitted a false search report to avail credit facilities.

The loan amount was then transferred to a fake account and has been used for other purposes. The land which has been offered as collateral security has been found out to be nonexistent.

It has been alleged that the bank officials have not examined the financial data of the company. It was also reported that the company had a ghost director under the name F V Sanyasi. The directors have opened a fake account in the name of Digvijay Mineral and drew the funds.

Credits: Times of India

This post was last modified on 03/07/2018 2:25 pm