HYDERABAD: The Enforcement Directorate (ED) has provisionally attached a flat in Hyderabad belonging to Kommalapati Kishore Babu, ex-Business Development Manager of M/s Global Trade Finance Limited, Hyderabad. It is presently known as SBI Global Factors Limited.
The flat is valued at Rs 30,57,000 and it was seized in connection with a case registered by the Economic Offences Wing of CBI, Chennai. Kishore Babu is accused of facilitating trade finance facilities to M/s Digital PC Technologies Limited on the basis of fake and fictitious trade receivable and had in return accepted a bribe of Rs 50 lakh from them.
The ED initiated investigation against Kommalapati Kishore Babu, Digital PC Technologies Limited and its directors Karvendula Vijay Kumar Chanakya, and others. The CBI in the charge sheet stated that Kommalapati Kishore in return for the bribe of Rs 50 lakh from Karvendula Vijay Kumar Chanakya, had facilitated trade finance facilities for Digital PC Technologies Limited.
Further, Karvendula Vijay Kumar Chanakya cheated the financing firm, did not service the loan and diverted the loan proceeds for personal gain and the account became a Non- performing Asset (NPA), resulting in a total loss of Rs 9.32 crore to Global Trade Finance Limited, Hyderabad.
Kommalapati Kishore Babu had systematically layered the bribe proceeds of Rs 50 lakh received from Digital PC Technologies Limited by making cash deposits in his bank accounts. He utilised this amount for purchasing a flat at Czech Colony in Sanathnagar, which is valued at Rs 30.57 lakh.