CBI registers case against 2 bank officials, 5 others for loan fraud
TIMES NEWS NETWORK
Chennai:27.07.2018
Central Bureau of Investigation (CBI) on Wednesday registered a case against seven peopl, including two officials of SBI’s SME branch in Guindy and officials of city based private firm Siddique Infrastructure, alleging criminal conspiracy, cheating, forgery and criminal misconduct.
The allegation is that Siddique Infrastructure obtained a loan of ₹20 crore from the bank for a factory to manufacture containers in Tiruvallur, which became a non-performing asset (NPA) on October 23, 2017. The net outstanding is ₹10.5 crore. The action was based on a complaint filed by SBI’s deputy general manager.
CBI stated that the company, which has a registered office in Nungambakkam, had submitted an invoice of Adinal Technologies, a partnership firm, for supply of machineries to the company in August 2016, as part of loan documentation. However, CBI’s investigation has revealed that Adinal was floated by the directors of Siddique Infrastructure, using the bank account of the company to divert the funds which were disbursed by SBI.
CBI alleged that V G Jayanthi, the deputy manager at the bank and another official P Nagarajan, failed to do a proper appraisal and assessment of the loan proposal of Siddique Infrastructure. CBI said they failed to verify or confirm the supply of machineries and receipt of the transfers of Adinal Technologies.
“The bank officials colluded with borrowers and failed to verify the end use of funds and allowed them to divert the same through a fictitious account. The bank has incurred a loss of ₹10.47 crore,” CBI said. The case will be investigated by inspector K Saravanan of the Economic Offences Wing of the CBI.
TIMES NEWS NETWORK
Chennai:27.07.2018
Central Bureau of Investigation (CBI) on Wednesday registered a case against seven peopl, including two officials of SBI’s SME branch in Guindy and officials of city based private firm Siddique Infrastructure, alleging criminal conspiracy, cheating, forgery and criminal misconduct.
The allegation is that Siddique Infrastructure obtained a loan of ₹20 crore from the bank for a factory to manufacture containers in Tiruvallur, which became a non-performing asset (NPA) on October 23, 2017. The net outstanding is ₹10.5 crore. The action was based on a complaint filed by SBI’s deputy general manager.
CBI stated that the company, which has a registered office in Nungambakkam, had submitted an invoice of Adinal Technologies, a partnership firm, for supply of machineries to the company in August 2016, as part of loan documentation. However, CBI’s investigation has revealed that Adinal was floated by the directors of Siddique Infrastructure, using the bank account of the company to divert the funds which were disbursed by SBI.
CBI alleged that V G Jayanthi, the deputy manager at the bank and another official P Nagarajan, failed to do a proper appraisal and assessment of the loan proposal of Siddique Infrastructure. CBI said they failed to verify or confirm the supply of machineries and receipt of the transfers of Adinal Technologies.
“The bank officials colluded with borrowers and failed to verify the end use of funds and allowed them to divert the same through a fictitious account. The bank has incurred a loss of ₹10.47 crore,” CBI said. The case will be investigated by inspector K Saravanan of the Economic Offences Wing of the CBI.
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