HYDERABAD: Some legal advisers and property valuers of several banks were reportedly colluding with fraudulent borrowers to help them raise bank loans and turn into wilful defaulters. A day after the CBI registered criminal cases against five persons including panel advocates Maganti Satyanarayana, A Srinivas Prasad and former bank employees in bank loan frauds, the investigation agency has intensified the probe in getting more clues in the said case.
SBI regional manager of Himayatnagar Usha Shankar stated in the complaint that the legal panel members Maganti Satyanarayana and A Srinivas including their staff have colluded with several businessmen who applied for loans for their business activities. “During the internal report, it was revealed that the two advocates and property valuers have cleared the borrower’s property documents without proper verification.
Based on the documents, the bank had sanctioned `6 crore loan that was defaulted by the borrowers,” the SBI manager told the investigation agency officials. Similarly, the CBI has also reviewed the process of investigation on several bank fraud cases registered by the Hyderabad unit of CBI. As part of raids on banks and loan defaulters conducted across the country on Tuesday, the CBI in Telangana has collected data of bank defaulters and would initiate action soon.
It is reported that a few major business houses have indulged in defaulting loans and an internal bank inquiries are still underway. The Banking Security and Fraud Cell (BS&FC) officials, who are investigating the cases related to bank frauds in Hyderabad and other parts of Telangana, have submitted reports furnishing evidences to support the claims.
Bank frauds in State
September 27, 2018: The CBI registered cases on city-based VMC Systems, a telecom material manufacture company and its owners for allegedly defaulting Rs 1,700 crore bank loan of Punjab National Bank (PNB)
May 18, 2018: The CBI investigated the case of Totem Infrastructure Limited for allegedly defaulting on a `313.84-crore loan from the Union Bank of India. A charge sheet was filed in the court
July 20, 2019: The CBI registered criminal cases against Mussadilal Jewellers Exports Private Limited and its MD Mohan Lal Gupta and his son Mussadilal Prasant Gupta for duping the Indian Overseas Bank (IOB) to the tune of `75 crore by taking loan and failing to return the amount