HYDERABAD: A day after the Bank and Security Fraud Cell of the CBI registered criminal cases against VNR Infrastructure Private Limited, a Hyderabad-based real estate company, for loan default, it was learnt that the company had been diverting funds to several firms that were allegedly involved in manipulating prices on the stock market.
VNR Infra reportedly took Rs 62 crore as loan from the Bank of Baroda. Post the loan-default complaint, the CBI initiated action against the company by conducting a series of searches at the residences of top VNR management officials at Nellore in Andhra Pradesh and its office in Banjara Hills.
According to sources, the company allegedly transferred Rs 4.73 crore to Indrawati Commosales Private Limited from the account of PKNR -- that comes under the VNR Infra at Gannavaram site. The directors of the Indrawati Commonsales are Pittu Sardar and Bapi Naskar; their companies include Dreamlight Exim, Antaryami Traders and Sidhiman Vyapar Limited.
“All these companies are barred from trading by the SEBI, as stated in its order dated April 17, 2015. They were involved in misusing the stock market by converting black money into white using fictitious accounts for long-term capital gains,” said Bank of Baroda officials, who had provided loan to VNR Infra, in their report to the CBI.The major portion of the loan was utilised for creating fixed deposits of Rs 3.45 crore, debt-servicing to the tune of Rs 4.36, and paying Rs 5.23 crore to person named Kiran Kumar Reddy.
“As per the forensic audit report, Rs 2.08 crore was transferred from VNR Infra SBH account to Msquare. Msquare is identified as a blacklisted company involved in suspicious foreign exchange scam as per MCA circular in 2015. Kiran Kumar Reddy had received Rs 52 crore and Rs 33.01 crore from VNR Infra and its various accounts during 2009 and 2014,” the officials said.
The CBI officials had registered criminal cases against VNR Infra, its managing director Vakati Narayana Reddy and five others. It is reported that the agency officials, who conducted raids on offices and residences of accused, have seized documents in connection with the bank fraud.