HYDERABAD: Officials from the Bank Security and Fraud Cases wing in the Central Bureau of Investigation (CBI) on Tuesday registered criminal cases against city-based real estate firm Minerva Executive Apartments Private Limited and its management for duping the Union Bank of India to the tune of Rs 168 crore. The firm is accused of submitting false documents to obtain a loan from the bank.
The agency booked cases under charges of criminal conspiracy, criminal breach of trust, cheating, forgery for the purpose of cheating, using forged documents, against Minerva Apartments managing director P Chakradhar Reddy, a resident of Jubilee Hills, and directors P Lakshmi Shruthi and A Vijayavardhan Reddy.
The firm is promoted by Vijayavardhan Reddy and P Chakradhar Reddy. It had planned to construct executive service apartments in Bangalore, which would consist of 100 rooms, a restaurant, bar, business centre and a fitness centre.
In a phased manner, the firm’s management is accused to have taken a loan of `168 crore from Union Bank of India.
However, the firm failed to pay the bank back. CBI officials suspect the funds were diverted to other businesses by duping the bank about the destination of the money.