The Central Bureau of Investigation has conducted searches in connection with a case against three former senior officials of Syndicate Bank and others for allegedly causing a loss of over ₹12 crore to the exchequer.
“Searches were carried out on the premises of the accused persons in Musheerabad, Hyderabad, Secunderabad, Kodada and Kukatpally,” said a CBI official.
The accused officials have been identified as the then Assistant General Manager Renuka, Chief Manager Srinivasa Rao Malladi and Manager Shruthi Gupta, besides approved valuer Ganta Nageshwar Rao. The private persons named in the FIR are Korrapati Subbaiah, Konda Sugreeva, Ramakrishna Rentachintala and S. Subramanyam.
It is alleged that in 2016-17, a civil contractor had approached the bank’s Chandanagar Branch in Hyderabad and taken ₹5 crore as working capital and a like amount as bank guarantee to meet the expenses of his contract works.
The loan account turned non-performing assets in June 2017, with an outstanding of more than ₹8.72 crore. “It was also alleged that some of the assets mortgaged to the bank proved to be non-existent and in respect of some other assets the valuation reports appeared to be inflated,” said the agency.
Based on the bank’s findings, the CBI is probing the alleged involvement of the officials concerned.
