Case filed against bank officials for faulty loan

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.