Hyderabad: The Central Investigation Bureau has posted a case against Hyderabad-based companies, Vijaya Aero Blocks Private Limited in connection with 44.60 crore loan fraud.
The company, which into the making of cement bricks, has taken loans from the Bank of Baroda but failed to pay it.
CBI named Promoters – Narra Kumar Prasana, Chigurupati Ram Prasad, Narra Prasanna Lakshmi, Narra Vijaya Lakshmi and Yeduguntla Saritha Reddy – and unknown public servants for fraud.
Allegedly that the promoters suck on funds by diverting the loan amount to another account.
The company received a loan sanction of Rs 29.5 Crore at first.
Because of the lack of internal fund surplus, the company cannot pay interest or installments on loans.
The company account is also declared an asset that is not performing.
MK Agarwal & Co based in Delhi, who conducted a forensic audit, said the borrower’s company did not comply with disclosures as required based on the Company’s law.
The company has also taken back some of the number of demand deposits maintained with other banks, studied.
The borrower company has shown a statement of the wrong stock submitted to the bank to utilize a higher credit limit.
Forensic Auditors in 2019 compiled that the borrower’s company was not cooperative according to the RBI circle and the fraud could not be ruled out.
The company was included in 2012 and produced concrete auto clave bricks in the factory in Kunsi in Mahbubnagar.
Hyderabad: The Central Investigation Bureau has posted a case against Hyderabad-based companies, Vijaya Aero Blocks Private Limited in connection with 44.60 crore loan fraud.
The company, which into the making of cement bricks, has taken loans from the Bank of Baroda but failed to pay it.
CBI named Promoters – Narra Kumar Prasana, Chigurupati Ram Prasad, Narra Prasanna Lakshmi, Narra Vijaya Lakshmi and Yeduguntla Saritha Reddy – and unknown public servants for fraud.
Allegedly that the promoters suck on funds by diverting the loan amount to another account.
The company received a loan sanction of Rs 29.5 Crore at first.
Because of the lack of internal fund surplus, the company cannot pay interest or installments on loans.
The company account is also declared an asset that is not performing.
MK Agarwal & Co based in Delhi, who conducted a forensic audit, said the borrower’s company did not comply with disclosures as required based on the Company’s law.
The company has also taken back some of the number of demand deposits maintained with other banks, studied.
The borrower company has shown a statement of the wrong stock submitted to the bank to utilize a higher credit limit.
Forensic Auditors in 2019 compiled that the borrower’s company was not cooperative according to the RBI circle and the fraud could not be ruled out.
The company was included in 2012 and produced concrete auto clave bricks in the factory in Kunsi in Mahbubnagar.
CBI Books HYD Firm for RS 44CR Bank Loan Fraud
