PNB civil servants: CBI pounds GNP officials, infrastructure company for four crore loan crore | Hyderabad News

HYDERABAD: The Central Bureau of Investigation recorded a case of cheating against five people, including two officials of the Punjab National Bank and an infrastructure company based in Jubilee Hills. The accused duped the bank of Rs4 crore by promising nonexistent land to Vizag as collateral and siphoned off the loan amount.

In the FIR filed on June 30, CBI appointed former General Manager of PNB branch Musheerabad, DP Dash, Managing Director of SVM Projects Pvt Ltd. Kandula Srinivas, Director V Sanyasi, V Chandrakanth, Branch Spokesperson from PNB Musheerabad KV Sreedhar. The accused are all residents of Vishakapatnam and Vizianagaram. The infra company offices are located in Hyderabad and Visakhapatnam.

Accused DP Dash processed the loan application and sanctioned Rs3.75 crore in September 2013 in favor of SMV projects against the primary safety of building materials and iron ore and vacant land of 1.32 acre in the village of Madhurawada in Vizag as guarantee. The loan amount has turned into a non-performing badet (NPA) of Rs3.94 crore.

An internal investigation by the bank revealed that the directors and the guarantor of the company siphoned funds in collusion with DP Dash and caused losses to the bank. The investigation also revealed that the panel's lawyer would have been complicit with borrowers and representatives of the bank and would have provided a false search report to avail credit facilities. The loan amount received by the accused was transferred to a false account and diverted to other purposes. The property of Madhuravawa, which was offered as collateral for the mortgage of the land, did not exist.

It is alleged that the bank accountants did not examine the financial data of the company. In addition, he had a ghost director, with the name F V Sanyasi. The directors opened a fictitious account on behalf of Digvijay Mineral and siphoned off funds.