VISAKHAPATNAM: The Central Bureau of Investigation (CBI) registered a case against a private company based at Guntur and others including its managing director, promoter or director and unknown public servant for allegedly causing loss to the bank to the tune of Rs. 19 crore.
It was alleged that the private company was engaged in trading of tobacco and it has availed FB (CC & SLC) credit facilities aggregating to Rs.45 crore from SBI, a specialised commercial branch at Guntur.
These credit facilities were inter alia secured against hypothecation of movable assets, mortgage of immovable properties and personal guarantees. The account became NPA on February 27 of 2019 due to lower sales coupled with lower margins, cash losses and others.
In addition to submission of inflated or manipulated stock statements and transfer of funds to the personal accounts of Directors. An alleged loss to the tune of Rs.19.28 crore was caused to the Bank. Searches were conducted at the premises of the accused at around three places located in Andhra Pradesh and Telangana.
