Saturday, February 18, 2017
The Central Bureau of Investigation (CBI) has launched a probe into a large scale fraud in the IDBI Bank Ltd., Guntur branch relating to sanctioning of loans under Kisan Credit Card short-term loans for construction of ponds/tanks.
The Investigating Agency has registed cases against Chandrasekhar H.Chennappagari, the then assistant general manager and relationship manager, Ganduri Mallikarjuna Rao who owns a dairy, P.Prabhakara Rao and Siva Prasad panel advocates, Naga Raju, a vluer and 35 borrowers.
The accused face charges of sanctioning loans to the tune of Rs.19.09 crore in the name of several persons and the alleged fraud took place during 2010-12 and Chandrasekhara Rao who was working as a relationship manager then had allegedly processed and sanction loans to the tune of Rs.7.50 crore to 35 persons in and around Guntur without proper loan documentation and other issues.
The CBI unearthed the fraud after verifying the antecedents of the beneficiaries who are daily wage labourers, construction workers and truck drivers etc., who were introduced by Chandrasekhar as fish pond farmers and opened SB accounts in the names in the IDBI branch. The accused alleged colluded and sanctioned fish pond loans for his close relatives and later withdrew the amount.