CHENNAI: The Special Task Branch (STB) wing of CBI in Chennai recently registered two cases against two senior officials of UCO bank’s Guntur branch after some entities were found to have submitted fraudulent documents to obtain Rs 10 crore as loans and diverted them to other accounts.
The cases were registered by CBI on August 2 based on complaints filed by the bank’s zonal office in Hyderabad. S Radhakrishnan, Additional General Manager, and H Phani, Chief Manager, are the officials identified as accused in both cases along with around six private individuals and their two firms.
In the first case, Farm Fresh Aqua Foods of Nellore reportedly obtained a credit of Rs 5 crore by providing fabricated information regarding sale projections and security collaterals.
The funds were later diverted to other accounts and utilised for purposes not sanctioned by the bank. The account was later classified as a non-performing asset (NPA). In the second case, Ganesh Agencies of Vijayawada allegedly cheated the bank of `5 crore in a very similar manner.