CBI carries out searches in Telangana cities in cheating case

New Delhi, Nov 13 The Central Bureau of Investigation (CBI) said on Friday that it has registered a case against the then AGM of Syndicate Bank and several others in connection with a cheating case and carried out searches at several locations in five cities.

A CBI official said that the agency sleuths have booked Renuka B, the then AGM of the regional office of Syndicate Bank in Nizamabad in Telangana, Srinivasa Rao Malladi, the then Chief Manager, Syndicate Bank, Shruthi Gupta, the then Manager, Syndicate Bank, private persons Korrapati Subbaiah, Konda Sugreeva, Ramakrishna Rentachintala, S. Subramanyam, approved valuer Ganta Nageshwar Rao, and other unknown persons on the basis of a complaint.

According to the official, a civil contractor allegedly approached a Syndicate Bank branch in Hyderabad and availed Rs 500 lakh as working capital and Rs 500 lakh as bank guarantee during the period 2016-17 to meet the expenses of his contract works.

"It was further alleged that the account slipped to NPA in June 2017 with an outstanding loan of Rs 872.92 lakh," the official said.

It was further 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 submitted by the valuers appeared to be inflated. Thus, the bank suffered a loss of Rs 1,229.58 lakh.

The official said that the CBI team carried out searches at the premises of the accused persons in Musheerabad, Hyderabad, Secunderabad, Kodad, Kukatpally which led to recovery of some incriminating documents.

( With inputs from IANS )

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