HYDERABAD: The State Bank of India (SBI) officials, who found the property documents submitted by directors of four software companies in Vijayawada and Vizag to be fake and forged, have declared the accounts of software companies in question as Non-Performing Asset (NPA). The bank management also found some of its employees were involved and initiated action against them. The SBI deputy general manager and controller of Overseas Branch Ajoy Kumar Pandit said, in his report, that the bank had initiated action under provision of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI) and issued demand notice in 2013 against software companies Global Prosolution Private Ltd, Mammoth Technology Services (I) Private ltd, Hatch Studios Private Ltd and Malvi Software Solutions Private Ltd and its directors, guarantors and mortgages.
For Malvi Software Solutions case, the bank sanctioned cash credit facility of `7 crore in 2012, Forward Contract (non-fund based) amount of `18 lakh in 2012 and additional working capital facility (fund based) amount of `1.50 crore in 2012. At the time of sanctioning the amount, directors Sooram Ravinder, Manu Shree Akkineni and Kadire Kavitha, residents of Ameerpet, pledged documents of 300 yards along with residential building located at Nacharam, industrial land located in Bollaram, 17225 square yard land located Nagole.
“When the original document no N.2943/07 dated February 28, 2007 was verified with the certified copy obtained on March 12, 2014 by SARB, it was found that fabricated document was submitted to the bank in respect to the property in the name of Appasany Ratna Prasad. In the scrutiny of document, on the name of Sooram Ravinder, it was also found that the district registrar, Ranga Reddy district dated November 12, 2012 had cancelled the link document No 4106/1987 in the name of Gangaiah in the flow of title deeds,’’ Ajoy Kumar Pandit said.
The senior officials of the bank also said that the fraud amount is less than `50 crore and they did not conduct forensic audit and found the involvement of their employees MVR Ravi Kumar, Branch AGM, U Ravi Kiran, Relationship manager, Deepak Parsa, Customer support officer and G Ravindra, customer support officer. “We did not find any criminality on part of these four officers. During the vigilance investigation, several procedural irregularities have been observed. Regular departmental action by disciplinary authority has already been initiated,’’ the bank officials said.