HYDERABAD: CentraL Bureau of Investigation (CBI) officials on Sunday registered criminal cases against former assistant general manager at Vijaya Bank C Mallikarjuna Rao and owners of RCL Technologies, Raja Rapuri and Basireddy Suresh Reddy, for allegedly duping the bank of Rs 9.16 crore.
The CBI has charged the accused with criminal conspiracy, cheating, falsification of documents and using forged documents as genuine.
According to sources in the CBI, Mallikarjuna Rao, who was an assistant manager at Vijaya Bank’s Marredpally branch, had conspired with the owners of RCL Technologies to secure a loan for them. Rao had used fabricated quotations to obtain cash credit hypothecation and inland letter of credit for Rapuri and Suresh Reddy.
“The accused availed a loan of Rs 95 lakh for the purchase of machines from Rajahmundry-based Latha Industries. The quotations and advance receipts issued by the company do not contain TIN/sales tax/ VAT number. In fact, these machines were never installed and they were reportedly not available with the seller. The accused submitted quotations on August 28, 2015, and obtained a term loan of Rs 1.48 crore,” said a CBI official.
Rao sanctioned a loan of Rs 1.50 crore to borrowers under the inland letter of credit. This was done without following bank rules. Officials said the machine and other material were only worth Rs 20 lakh, and not the quoted sum of Rs 95 lakh. Of the total amount, Rs 62 lakh was transferred to the account of Uday Traders, a company whose TIN number mentioned in the bills was found to be fake.
As to the collateral securities offered by the borrowers, it has come to light that there are multiple registrations against the collateral properties as per the transactions reflected in the encumbrance certificate.