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IDBI loan fraud: CBI files three fresh cases in Rs 743 crore

CBI files three fresh cases in Rs 743 crore IDBI loan fraud

CBI has registered three fresh cases to probe an alleged loan fraud of Rs 743 crore committed by availing Kisan Credit Card and pisciculture loans from IDBI Bank. A total of 44 accused have been named in the three separate FIRs. There are three accused B K Sahoo, retired DGM of the bank R Damodaran and the then DGM Battu Rama Rao who are common in all three FIRs.

This week on Tuesday, IDBI Bank disclosed that fraudulent loans of over Rs 743 crore were issued from five of its branches in Andhra Pradesh and Telangana. It said that some of the loans, which were issued during FY 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral.

The Bank had found lapses in processing and disbursing the loans by two of its officials. It dismissed one of the officials, while the other official had already retired.

It is alleged that as per procedure laid down for sanctioning loans for fish farming business, the maximum limit with regard to operation of primary activity or fish tank activity is 50 kms from the branch location, however, Damodaran and Rao instructed the branch officials to ignore the condition.

Damodaran and Rao allegedly abused their official position breached the sanction limit of Rs 25 lakh for KCC loan and bypassed agri-processing centre and directed for the issuance of loans on the basis of intentionally overvalued collateral properties and furnished inflated net worth certificates in respect of borrowers, the FIR said.

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