The CBI has booked an Andhra Pradesh-based private company for alleged loan fraud to the tune of Rs 20 crore. The agency conducted searches at three locations on Monday at the premises of the accused entity and individuals in Andhra Pradesh and Telangana.
The agency has named Ind Tob International Pvt. Ltd., Guntur (Andhra Pradesh), its Managing Director, Promoter and Guarantor Tadisetty Venkata Rao, Director and Promoter Tadisetty Murali Mohan besides unknown public servants.
It was alleged that the private company was engaged in trading of tobacco. It was further alleged that the said private company availed credit facilities aggregating to Rs 45 crore from SBI, Specialised Commercial Branch, Guntur, the CBI said in a statement.
These credit facilities were inter alia secured against hypothecation of movable assets, mortgage of immovable properties and personal guarantees.
The account became non-performing asset (NPA) on February 27, 2019 due to lower sales coupled with lower margins and cash losses in addition to submission of inflated /manipulated stock statements and transfer of funds to the personal accounts of Directors. An alleged loss to the tune of Rs 19.28 crore(approx) was caused to lending bank SBI, it added.