HYDERABAD: The CBI booked a loan fraud case against ex- Guntur West MLA Tadisetty Venkata Rao and former mayor of Guntur Tadisetty Murali Mohan for allegedly duping State Bank of India, Guntur, to the tune of Rs 61 crore.
A case of criminal conspiracy, criminal breach of trust, forgery and criminal misconduct under IPC sections has been booked against Ind Tob International Private Limited (ITIPL), Venkata Rao, urali Mohan and some public servants. The complaint was filed by GV Shastry, deputy general manager of SBI.
ITIPL, which was incorporated in 2009, was into trading of tobacco. It was established with the intent of supplying tobacco to its parent company Guntur-based Ethic Agros Limited (ETIL), which was engaged in export and trading of tobacco.
In 2009, Venkata Rao and Murali Mohan took over the company. The accused submitted inflated/manipulated stock statements and transfered funds to the personal accounts of directors. The total dues as of September 2020 was Rs 61 crore. The value of total security available with the SBI was Rs 43 crore and the bank has thus suffered losses to the tune of Rs 18 crore, the CBI said.
