12 booked for defrauding SBI

The CBI registered a criminal case against a realtor and 11 others in Visakhapatnam for allegedly duping the State Bank of India to the tune of `7 crore through home loans.

The prime accused in the case is the managing director of Navya Infracon Projects Private Limited, Manyam Vijaya Kumar, who has been booked in connection with the Gadiraju Empire housing project constructed across 12,826 square yards at MVP Colony.

The other accused were identified as Mogili Kanaka Subhashini, Manyam Sagar, Manyam Vandana, D. Uma Shankar, Anala Swathi, Budha Manjula, K. Govinda Rao, K. Neeraja, M.K.V. Lingeswara Rao, K.

Srinivas and K. Jyothi.

The case was filed on a complaint filed by A. Kishore, an assistant general manager with the SBI’s administrative office.

The complainant alleged that the builder and borrowers obtained housing loans and misused the same — Vijaya Kumar failed to execute sale deeds in the names of borrowers, who also failed to execute mortgages in the bank’s favour.

“The borrower and unknown public servants colluded with each other and misused the home loan funds of

`5.72 crores (out of the total loan amount of

`7,79,97,000, with respect to eight loan accounts. The loan amounts of Anala Swathi and Budha Manjula were repaid and other accounts were closed, defrauding the bank,” the bank official stated in his complaint.

Bank officers conducted an audit and found irregularities, comprising diversion of funds to other accounts illegally and duping the bank of `7 crore.

BANK OFFICERS conducted an audit and found irregularities, comprising diversion of funds to other accounts illegally and duping the bank of `7 crore.