HYDERABAD:
Central Bureau of Investigation (
CBI) on Thursday booked city-based
Elite Infra Projects
and its directors for causing wrongful loss of Rs 26.8 crore to Bank of Maharashtra.
The accused reportedly mortgaged 5.2 acre land on which they did not have clear titles. Elite Projects and its directors B
Narasimha Reddy
and B Nagi Reddy have been booked for criminal conspiracy, cheating, criminal breach of trust and under sections of the Prevention of Corruption Act.
An FIR was booked based on a complaint lodged by Bank of Maharashtra zonal manager Divesh Dinakar. Elite Infra Projects located in
Jubilee Hills
is into infra projects, especially road construction, excavation and bridges. Elite Infra had taken Rs 15.5 crore loan from Bank of Maharashtra, Khairatabad branch, between 2012 and 2014. The company had mortgaged 5.22 acres, including two acres in the name of Narasimha Reddy, land in
Pedda Amberpet
as collateral.
Elite Infra’s loan account turned into a non-performing asset (NPA) in 2015 and the amount with interest mounted to Rs 26.8 crore.
Though the bank initiated the process of recovery, it couldn’t identify the property and entrusted the case to Inquisitio (Investigation and Recoveries) to verify the actual position. On investigation, it was found that the land was caught in litigation and the court had already granted a decree in favour of other parties.
Despite knowing that the property was in legal wrangles, Narasimha Reddy had mortgaged it with Bank of Maharashtra.
“Narasimha Reddy intentionally mortgaged the land by giving false declaration and cheated the bank. The bank had also approached the Debt Recovery Tribunal. It was claimed that no grave irregularities are observed on the part of bank officials. However, CBI will be looking into the role of Bank of Maharasthra officials,” the FIR added.
Sudhakar Reddy Udumula is the Editor (Investigation) at the Times...
Read MoreSudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.
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