After Nirav Modi, now Hyderabad-based private firm dupes PNB; mortgages non-existent land
The accused company management had also submitted land documents as collateral security, but during investigation, it was found to be non-existent.
Published: 07th July 2018 05:44 AM | Last Updated: 07th July 2018 09:43 AM | A+A A-
HYDERABAD: SMV Projects, a real estate company operating in Hyderabad and Visakhapatnam, had obtained a loan of Rs 3.75 crore towards working capital from Punjab National Bank (PNB) and diverted it illegally to Digvijay Minerals, the CBI has found out. The accused company management had also submitted land documents as collateral security, but during the investigation, it was found to be non-existent.
Days after Central Bureau of Investigation officials had registered criminal cases against six persons, including the bank’s officials, the agency started collecting details of the bank transactions relating to the case. Sanyasi, a director of SMV projects, had mortgaged his property of one acre and 32 cents located at Madhuravada in Visakhapatnam as collateral security. The land ownership certificate had been issued by the tehsildar in 1947.
“Sanyasi does not hold such land in his name at the location. The preliminary probe revealed that the property at Madhuravada offered as collateral security for this loan could not be traced and it turned out to be non-existing. Till date, the officials could not identify the property,’’ the officials said.
During the investigation, it was found that the borrowing company stopped operating the loan account with the bank in June 2014 and did not submit its financial particulars and balance sheets for years 2014 and 2015. Its directors were not cooperating in the physical verification of the primary securities, stock of iron ore and construction material, said CBI officials.
The investigation agency also found fault with the then PNB officer D P Dash of Musheerabad branch for sanctioning the loan without verifying details or conducting due diligence.
The fact that the constitution of the company underwent several changes was also ignored. The company’s directors opened a fictitious account in the name of Digvijay Minerals and siphoned off the loan amount. Even the identity of director Sanyasi is fake and his title to the property is dubious.
CBI officials are expected to question bank officials to get more information about the case.