New Delhi: CBI has registered a case against an Indian Overseas Bank branch manager and a private company owner for allegedly cheating the bank to the tune of Rs 8.41 crore by issuing loans in the names of non-existing firms.
CBI sources said the case has been registered against B K Mohan Raju, branch manager, Indian Overseas Bank, Veerabhadrapuram Branch, West Godavari District in Andhra Pradesh, and private company P B R Poultry Tech on the allegations that during the period from June 2011 to February 2013 they allegedly conspired to cheat the bank. "...then Branch Manager allegedly recommended a Term Loan of Rs 5.60 crore in the name of said private firm and also sanctioned some other Term Loans in the names of the non-existing firms floated in the names of their employees," the CBI spokesperson said here.
She said the accused also accepted fake/fabricated lease agreements, quotations, invoices and cash bills, for purchasing poultry equipments, machineries, etc. "The Bank's Panel Valuer had allegedly submitted inflated valuation report in respect of the immovable properties offered as a collateral security. An alleged loss to the tune of Rs 841.98 lakh (approx) was caused to the bank," the spokesperson claimed.
A separate case has been registered against the then Branch Manager, Indian Overseas Bank, Palakollu Branch VSVR Ramesh on the allegations that during the period between February 2012 and March 2012, he had colluded with the bank's Panel Valuers and 14 other private persons and sanctioned/disbursed loans to the tune of Rs 2.80 crore under Fish Tank Kissan Credit Card (FTKCC) based on fake/forged documents.
"The said documents were submitted by the borrowers and exaggerated valuation reports were submitted by the Bank's Panel Valuer. It was further alleged that the borrowers have not repaid the loan amount due to which all the accounts became NPA. An alleged loss to the tune of Rs 3.60 crore was caused to the bank," the CBI spokesperson said.