CBI raids Kallam Mills in TS, AP, recover `18 cr
The Central Bureau of Investigation raided at several places in Telangana and Andhra Pradesh after registering a case against Kallam Rice Mills Private Limited for cheating State Bank of India to the tune of `18 crore.
The FIR was registered by the CBI based on a complaint made by Sunkara Surya Venkata Nagendra Kumar, Regional Manager, Regional Business Office (RBOI) of the State Bank of India, Guntur.
In the complaint, the bank alleged that during 2010-2013, Guntur based Kallam Modern Rice Mills, Vinayaka Traders and Sri Ramabrahma Modern Rice Mills Pvt Ltd, belong to one group of family members and borrowers and guarantees. The borrowers, Kallam Peri Reddy and Kallam Lakshmi Devi availed credit facilities from State Bank like cash credit, term loan, SME Credit Plus, Rice Mills Plus and bank guarantee to the tune of `24.57 crore. The group cheated the State Bank of India, formerly State Bank of Hyderabad, Aundelpet branch to the tune of `9.16 crore by submitting fake/forged title deeds of properties used as collateral. Further, Kallam Peri Reddy, proprietor of Vinayaka Traders cheated the bank to the tune of `1.34 crore in a similar manner.
“The bank stated in their complaint that the borrowers had offered 15 properties as collateral to the banks and of these, two properties were sold by the borrowers without the knowledge of the bank while eight properties are non-existent,” CBI officials maintained.
The officials said that the directors of Ramabrama Modern Rice Mills, Jakkireddy Brahma Reddy and Jakkireddy Sivaamma, availed various credit limits from the bank by submitting fake/forged title deeds of collateral securities and cheated the bank to the tune of `7.83 crore. Six properties were offered as collateral securities in respect of loan availed in the name of M/s Sri Ramabrahma Modern Rice Mills Private Limited. Of the six properties furnished as collateral four properties are non-existent, the official said.
The CBI said that the borrowers and guarantors of the three accounts had conspired between 2010 and 2013 to cheat the bank and had also colluded with the bank panel valuers, A.V. Ramana and K. Venkateshwara Rao, and obtained valuation reports of non-existent properties and submitted these to the bank.
The bank manager and deputy manager (Advance) allowed the borrower to withdraw the credit facility in cash to the tune of `825 lakh from the account between 28-02-2011 and 28-06-2011 in violation of the procedures laid down by the bank.