CBI books rice mill for ₹17cr bank fraud


Published on: February 16, 2022.

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Hyderabad: CBI booked Nellore-based Sri Lakshmi Narasimha Swami Rice Mill for committing a Rs 17.7 crore Canara Bank loan fraud.
KH Patnaik, chief general manager, Canara Bank, Hyderabad circle, in a complaint alleged that rice mill in Padugupadu took loan but failed to repay. Partners Badvel Hemalatha, Badvel Narayanamma, Badvel Srinivasalu Reddy and Ojili Ramanamma entered into criminal conspiracy with KN Raju, chartered engineer and panel valuer of Canara Bank, between 2015 and 2019 and duped bank, CBI said. Accused disposed of hypothecated stocks, machinery without knowledge of bank and siphoned off funds without crediting to loan accounts held with bank. Accounts later became NPA.

Source:http://CBI booked Nellore-based Sri Lakshmi Narasimha Swami Rice Mill for committing a Rs 17.7 crore Canara Bank loan fraud.