CHENNAI: CBI, Chennai busted a case where officials of
UCO bank
in 2014 gave a loan worth 4.9 crore to an export firm which provided allegedly forged land documents as collateral. The loan eventually became a Non Performing Asset (
NPA
).
The central government senior counsel, who provided legal advice pertaining to the land deeds pledged as collateral and a panel valuer of the bank have also been named as accused in the FIR. A case of conspiracy, cheating, forgery, criminal misconduct and abuse of official position by government servants has been made out.
PL Acharya, then assistant general manager (now retired),
R Jayanandan
then senior manager (now retired) both of Chennai main branch,
Palanivel
and K
Suresh Babu, both partners at the VIP Exports, V Bala subramani, panel valuer and advocate Damodaran, the central government senior panel counsel have been named as accused.