NEW DELHI/PRAKASAM: The Central Bureau of Investigation (CBI) on Wednesday booked a Prakasam-based company B.K.Threshers Private Ltd, for allegedly cheating the Union Bank of India to the tune of Rs 228.02 crore by diversion of loan funds.
It was alleged that the said chairman and five directors conspired with others and fraudulently availed credit facilities by submitting false/manipulated financial statements, diverted loan proceeds, and thereby, caused a loss of Rs 228.02 crore (approximately) to the bank as per an official statement.
It named the chairman Bellam Kotaiah, and directors Bellam Jayanth Babu, Makkena Hari Babu, Bellam Aruna, Makkena Swaroop Chowdhry, and Bellam Ravi Chandrain the FIR. Two other companies were also listed in the FIR.
HYDERABAD: In another bank fraud case in the State of Telangana, the CBI registered two more separate cases of bank fraud against Hyderabad-based Vijaya Aero Blocks Pvt. Ltd for allegedly cheating Bank of Baroda to the tune of Rs 44 crore by diversion of loans availed between 2014 and 2017. It was alleged that during the period 2014 to 2017, the said company represented by its Directors availed loans from Bank of Baroda, Khairatabad Branch, Hyderabad on the basis of inflated project cost; diverted loan funds for other than business activities & for personal gains; submitted false & fabricated stock statements to the Bank to conceal their irregularities; wilfully defaulted in repayment and caused loss to the tune of Rs. 44.60 crore (approx.) to the bank.Searches were conducted at 3 places including in Hyderabad which led to the recovery of several incriminating documents the CBI stated as per a press release.