HYDERABAD: As part of the nationwide crackdown against offenders in bank fraud cases, worth Rs 7,200 crore, the Central Bureau of Investigation (CBI), Hyderabad unit, registered cases against two companies - Incline Agrotech Private Limited (IAPL) and Sudhamsu Exim Private Limited (SEPL) on Tuesday. The IAPL allegedly defrauded SBI to the tune of Rs 6 crore while SEPL was accused of causing losses of Rs 8.5 crore to the Central Bank of India.
CBI Hyderabad Unit booked cases against five persons from the city, including an SBI employee and two IAPL directors, for cheating the financial institutions. The CBI has registered a case against Abdul Rawoof Pasha, the then relationship manager of medium enterprises at SBI, Parishram Bhavan branch, IAPL directors K Vikram Babu and K Shiv Varma, and advocates Maganti Satyanarayana and A Srinivas Prasad. The CBI was acting upon a complaint filed by the head office of SBI against them.
The SBI employee, Abdul Rawoof Pasha, now suspended, colluded with the two IAPL directors and defrauded the bank of over Rs 6 crore, during his tenure from July, 2017, to Dec, 2018. According to sources, Incline Agrotech’s directors had applied for a cash credit facility for Rs 6 crore to support their foodgrain business. They exploited the credit limit and never paid back the financial institution, thus turning into a non-performing asset.
Meanwhile, CBI Chennai unit also registered cases against seven persons in Hyderabad for defrauding the Central Bank of India to a tune of RS 8.5 crore. Cases were registered against Maddala Ramesh Reddy, promoter of SEPL, its two directors Bolla Raghupati Rao and Yaddala Ramana Reddy, and other persons Madhusudhan Reddy, Mopuri Rajeshwari. According to the complaint filed by the Chief General Manager of Central Bank of India, the promoters and directors of SEPL, a construction company had submitted forged financial records and availed loan.
Real estate, agri firms
CBI units at Hyd and Chennai registered cases against Incline Agrotech and Sudhamsu Exim Pvt Ltd for defrauding SBI (Rs 6 cr) and Central Bank of India (Rs 8.5 cr)