News/City Updates

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 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.
Continue Reading

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

Share
Leave a Comment

Recent Posts

A new ‘point’ to view beauty of Vizag

Offering a breathtaking view of the City of Destiny, Kailasagiri, a hilltop park, is one…

2 hours ago

7 TV shows based on real events on OTT that will blow your mind!

Do you know what’s better than movies based on true events? TV series based on…

19 hours ago

Don’t miss Vivek Muralidharan’s side-splitting comedy show in Vizag this weekend!

As the weekend rolls in, it's time to shed the seriousness and embrace the lighter…

20 hours ago

Visakhapatnam: Key trains diverted in June, July due to works in Secunderabad Division

Due to pre-commissioning and non-interlocking works for the third Line at Asifabad Road – Rechni…

24 hours ago

Chandrababu Naidu sworn in Chief Minister of AP

Amid cheers of a huge gathering near the Kesarapalli IT Park in Krishna district, Telugu…

1 day ago

None of MLAs-elect from Vizag gets a berth in Chandrababu Naidu Cabinet

None of the MLAs-elect from the reorganised Visakhapatnam district has been taken into the Andhra…

1 day ago