The CBI has filed an FIR against Hyderabad-based BNR Infra and Leasing Limited, its promoters B Narasimha Reddy, S Bindusagar Reddy, advocates Nellutla Jagan, V Narasinga Rao and D Prabhakara Reddy and valuer N Datatreyudu and L Kishore Chand, under IPC sections related to criminal conspiracy, cheating and forgery, among others. The FIR has been registered on the basis of a complaint from the State Bank of India (SBI).
In its complaint, SBI alleged that the company was given a cash credit facility of Rs two crores and bank guarantee limit of Rs one crore in 2011, on the basis of collateral security of land measuring 16,940 sq yards in the name of B Narasimha Reddy, who was the proprietor. The credit facilities were increased over the period, on the basis of several other collateral securities furnished by him. In the meanwhile, the company was changed into a partnership firm with Bindusagar Reddy being added as a partner. In 2015, the loans taken by the company were declared as non-performing assets (NPAs) with Rs 8.20 crores outstanding.
See also: SC allows Delhi Police to arrest Amrapali CMD and 2 directors, on complaint of duped home buyers
During the loan recovery proceedings under the SARFAESI Act, the bank realised that the collateral security document mortgaged for the purpose by the borrower, was not enforceable and the bank could not recover its amount. It is alleged that the promoters supplied forged documents, to show that the land was non-agricultural land. The valuation report was also forged, assessing the value of property at Rs 4.66 crores. The bank valuers also allegedly submitted fraudulent reports, to say that property submitted as collateral was non-agricultural.
Press Trust of India (PTI), headquartered in New Delhi, is India’s largest news agency. It was registered in 1947 and started operations in 1949. PTI has more than 400 journalists and 500 stringers, who generate more than 2,000 stories and 200 photographs every day. Subscribers to PTI’s feed include the mainstream media, research groups, specialised presses, companies, government organisations and NGOs.
Facebook: https://www.facebook.com/PressTrustofIndia
Twitter: https://twitter.com/PTI_News
Email: [email protected]
Related Posts
Banks’ provisions for NPAs to remain high till FY 2020: India Ratings.
Banks cut base rates; home loans to be cheaper.
Loans from NBFCs and HFCs to grow by 21 per cent each year, till 2020.
SBI, LIC Housing, Muthoot HomeFin offer concessional home loans, for flood-affected Kerala.
Piramal Group completes takeover of embattled DHFL.
Madras HC refuses to quash money laundering case against VGN Developers.
