CBI books former bank officials- The New Indian Express
HYDERABAD: The Central Bureau of Investigation (CBI), on Friday, conducted a series of raids at Kukatpally, Musheerabad, Kodad and Secunderabad in connection with the Rs 12 crore bank fraud case, and seized incriminatory documents from the accused persons. The Bureau thereafter registered cases against former AGM of Syndicate Bank (Nizamabad), former chief managers of Syndicate Bank (Chandanagar), and a few private parties.
Reportedly, a civil contractor had approached Syndicate Bank (Chandanagar) and availed Rs 5 crore as working capital and another Rs 5 crore as Bank Guarantee in 2016-17 to meet the expenses of his contract work. It was alleged that the account slipped into NPA in June, 2017, with an outstanding loan of Rs 872.92 lakh. Some of the assets mortgaged to the bank proved to be nonexistent, and some others appeared to be inflated. The bank incurred a loss of Rs 12.29 crore. The bank officials were arrested for causing the losses.
In a fix
Accused include Renuka B, former Syndicate Bank AGM (N’bad), Srinivasa Rao, the then chief manager
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