The Central Bureau of Investigation has conducted searches in a bank fraud case against Ind Tob International Private Limited and others in Andhra Pradesh and Telangana.
Among the accused are the company’s managing director, Tadisetty Venkata Rao, and director Tadisetty Murali Mohan. They had borrowed about ₹45 crore from the State Bank of India. The account turned non-performing asset (NPA) in February 2019.
It is alleged that inflated stock statements were submitted and funds transferred to the personal accounts of the company directors. These irregularities led to a loss of ₹19.28 crore to the bank.
Diversion of funds
In another case, the CBI has booked Goel Exim (I) Private Limited, Ashok Goel, Praveen Gupta, Reena Goel and others for allegedly cheating the Bank of India to the tune of over ₹50 crore.
The loan account was declared an NPA in March 2015. Forensic audit ordered by the lending bank detected a series of irregularities. It is alleged that from 2011 to 2016, the company, its directors and others diverted funds to unrelated activities, including real estate business. They also routed the company’s turnover to the accounts maintained with other banks.
The bank alleged that the company also made sales and purchases from the same party and it did not submit the necessary stock and book debt statement.
