CBI books infra firm, 10 others for ₹6 crore SBI loan fraud

Hyderabad: The CBI has issued an FIR against Visakhapatnam-based infra company and 10 persons in connection with a Rs 5.72 crore SBI loan fraud.
Navya Infracon Projects Private Limited, represented by its managing director and builder Manyam Vijaya Kumar, constructed a residential project ‘Gadiraju Empire’ in MVP Colony in the port city.
“The builder and the borrowers misused the home loans by violating the terms and conditions mentioned in tripartite agreements made among the builder, the borrowers and the bank.Vijaya Kumar received the entire home loan tranche but failed to execute the sale deeds in the borrowers’ names. The borrowers have also failed to execute the mortgage of the properties in favour of the bank. Vijaya Kumar has even sold the properties to third parties,” alleged the CBI.
The CBI stepped in after SBI Visakhapatnam retail assets central processing centre assistant general manager A Kishore complained to the CBI on the irregularities in the housing loans. The borrowers have been identified as M Kanaka Subhashini, Manyam Sagar, Manyam Vandana, D Uma Shankar, K Govinda Rao, K Neeraja, Prabhavathi, Lingeswara Rao, K Srinivas and K Jyothi, who approached various branches of SBI, RACPC-1 region, Visakhapatnam, and secured home loans for purchasing the flats in Gadiraju Empire venture.
Vijay Kumar, along with other burrowers, connived with public servants, colluded with one another and misused Rs 5.72 crore out of Rs 8 crore loan, which was credited into eight accounts. The loan amounts in respect of two accounts of Anala Swathi and Buddha Manjula have been repaid and the accounts have been closed, the CBI said.