CBI searches houses of SBI officials over ‘ loan fraud’

The Central Bureau of Investigation on Thursday conducted searches at the residence of top officials of State Bank of India and Renlife Labs Private Limited in connection with a ₹16-crore loan fraud case registered on December 31.

According to the FIR copy accessed by The Hindu, the firm, which is into purchase and sale of human blood-derived products, such as Immunoglobulin, used the name of one Vijay Raghavendra Mysore of Bengaluru and added him as their third director.

Further, the accused forged documents stating that Mr. Vijay's father is dead and used the family property as collateral security to the bank for obtaining loan.

SBI Regional Manager P Ravi Kumar told the investigating agency that initially, the Saifabad branch had rejected the loan and subsequently financial consultant Janaki Rama Sarma moved to Mahabubgunj branch, where an asset-backed loan of ₹16 crore was sanctioned after the bank accepted the produced documents of three acre 30 gunta vacant land in Bengaluru South.

Assistant General Manager (Cyber Crimes) of SBI Dhanrjana Rao in the last week of November 2017 had entrusted the proposal for processing the loan to Pawan Kumar, RMME, Mahabubgunj branch.

Mr. Ravi Kumar said that Rao, who recently retired, engaged Janaki Rama Sarma to act on behalf of the company

The complainant said that serious lapses were found on the part of Dhanrjana Rao, Pawan Kumar, Nageshwar Sharma and Shashi Shankar during sanction and disbursement of loan to the company.

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Printable version | Feb 21, 2020 3:32:31 AM | https://www.thehindu.com/news/cities/Hyderabad/cbi-searches-houses-of-sbi-officials-over-loan-fraud/article30464282.ece

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