cbi: Cbi conducts searches in 2 cases of bank loan fraud | Hyderabad News


HYDERABAD: The Central Bureau of Investigation has investigated two multi-crore bank loan fraud cases in Hyderabad and Prakasam district of Andhra Pradesh.

The first case was registered against BK Threshers Private Ltd based in Prakasam district and others including its chairman, five directors, two other companies and unknown officials. CBI Visakhapatnam booked the case based on a complaint from Union Bank of India, Vizag.
The bank said that BK Threshers and its directors, in collusion with others, fraudulently used credit facilities by submitting false manipulated financial statements, misappropriated loan proceeds and thereby caused a loss of 228 crore to the bank.
Chairman Bellam Kotaiah, Directors Bellam Jayanth Babu, Makkena Hari Babu, Bellam Aruna, Makkena Swaroop Chowdhry and Bellam Ravi Chandra and BK Exports, as well as Mahi Agro Private Limited were named as defendants.
Searches were carried out at eight locations resulting in the recovery of incriminating documents, the CBI said.
The second case was filed against Vijaya Aero Blocks, a private company based in Banjara Hills and others including its directors, private persons and unknown officials.
It was alleged that during the period 2014-2017, the company received loans from Bank of Baroda, Khairatabad based on the inflated cost of the project. The administrators misappropriated the loans for personal use, submitted fake and fabricated stock statements to the bank to cover up their irregularities and deliberately defaulted on repayment and caused a loss of 44 crore to the bank.
Searches were carried out at three locations. Directors Narra Prasanna Kumar, Chigurupati Ram Prasad, Narra Lakshmi Prasanna and Narra Vijaya Lakshmi have been named as defendants.

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