Cheating case against Rudvin

Hyderabad: The CBI has booked a case of cheating against city-based Rudvin Corporation Private Limited, formerly Madvik Research Labs, and its directors. The complaint lodged by the State Bank of Hyderabad alleges a fraud estimated at `6.03 crore.

The CBI has booked a case of cheating against city-based Rudvin Corporation Private Limited and its directors. The complaint lodged by the State Bank of Hyderabad alleges a fraud estimated at `6.03 crore.

Rudvin Corporation, formerly known as Madvik Research Labs, has an office in Banjara Hills. Dr Vikram Pillarasetty of Madhapur, Dr P Madan Mohan Rao of Nellore and D. Govind Raju of New Nalakunta — all directors of Rudvin Corporation — have been accused of receiving finance by depositing fabricated title deeds as security.

The company was sanctioned a loan of `6.81 crore at SBH’s Lallaguda branch. The property documents of a residential plot at Nellore, and non-agriculture land of four acres in Vishakapatnam, were produced as security.

The fraud came to light when an advocate sent a letter to the bank claiming the properties did not have valid titles and the company was caught in numerous litigations.