CBI issues FIR against BNR Infra

HYDERABAD: The Central Bureau of Investigation (CBI) has issued an FIR against BNR Infra and leasing company and its promoters including B Narasimha Reddy, S Bindusagar Reddy and others based on complaint filed by the State Bank of India (SBI). A regional manager has alleged that the accused had caused an Rs 8 crore loss to the bank by criminal conspiracy and forgery of a valuable security.
In the FIR, it is alleged that the cash credit facility of the company was enhanced to ?8 crore in 2014.The enhancement was sanctioned based on existing collateral security — a land in Kismatpur and additional collateral security of plot in Neredmet — in the name of B Narasimha Reddy.
The firm has been converted into a partnership firm. The limits availed by the firm were classified as non-performing assets (NPAs) in 2015 with an outstanding loan of Rs 8.2 crore as the firm had failed to repay the loan. The investigation by the bank found that accused had produced documents saying the agriculture land is converted into non-agriculture land based on which the loan was sanctioned. It was found that the certificate issued by Chevella revenue Divisional Officer for the purpose was fake.