CBI registers 3 fresh FIRs in Rs 743 crore loan fraud at IDBI Bank, names 44 people as accused

CBI has registered three fresh cases to look into Rs 743 crore of fishy loans issued by an IDBI bank for pisciculture and Kisan credit cards

PTI March 29, 2018 17:34:27 IST
CBI registers 3 fresh FIRs in Rs 743 crore loan fraud at IDBI Bank, names 44 people as accused

New Delhi: The CBI has registered three fresh cases to look into Rs 743 crore of fishy loans issued by an IDBI bank branch in West Godavari district for pisciculture and Kisan credit cards which have became non performing assets, the officials said on Thursday.

The agency has named three accused persons-B K Sahoo, retired DGM of the bank R Damodaran and the then DGM Battu Rama Rao-who are common in all the three FIRs. There are a total of 41 others accused in these three separate FIRs, they said.

CBI registers 3 fresh FIRs in Rs 743 crore loan fraud at IDBI Bank names 44 people as accused

Representational image. News18

The agency has said the cases pertain to the loans of Rs 394 crore, Rs 160 crore and Rs 189 crore-issued between 2009 and 2012 from IDBI's Palangi branch in West Godavari district on the pretext of availing kisan credit cards and pisciculture -fish farming-- loans.

It is alleged that the loans were issued without proper loan documents, without conducting pre sanction and post sanction inspections and without ascertaining the end use of the loan.

It is alleged that as per procedure laid down for sanctioning KCC loans, the maximum limit with regard to operation of primary activity or fish tank activity is 50 kms from the branch location, however, Damodaran and Rao instructed the branch officials to ignore the condition, they said.

Damodaran and Rao allegedly abused their official position breached the sanction limit of Rs 25 lakh for KCC loan and bypassed agri-processing centre and directed for the issuance of loans on the basis of intentionally overvalued collateral properties and furnished inflated net worth certificates in respect of borrowers, the FIR alleged.

Updated Date:

also read

2021 JEE Mains paper leak case: CBI detains Russian man for allegedly hacking software
India

2021 JEE Mains paper leak case: CBI detains Russian man for allegedly hacking software

In September 2021, CBI registered a case against a private company on the allegations of irregularities being committed in the JEE (Mains) exam by a private educational institution

Delhi Excise Policy scam: CBI arrests businessman Vijay Nair
India

Delhi Excise Policy scam: CBI arrests businessman Vijay Nair

Sources said Nair was arrested for his alleged role in 'cartelisation' and 'conspiracy' related to alleged irregularities in the allocation of liquor licenses in the national capital

CBI files charge sheet against conman Sukesh Chandrashekhar for extortion by spoofing phone numbers
India

CBI files charge sheet against conman Sukesh Chandrashekhar for extortion by spoofing phone numbers

He used spoofing, a technique that alters the caller ID with any other number, giving the impression that high government functionaries were making the call