Cbi Books City Firm for 44cr bank loan fraud | Hyderabad News


Hyderabad: The Central Bureau of Investigation has taken action against Hyderabad-based company Vijaya Aero Blocks Private Limited in connection with a fraud on a 44.60 crore loan.
The company, which makes cement bricks, had taken out loans from the Bank of Baroda but failed to repay them. The CBI has appointed promoters – Narra Kumar Prasanna, Chigurupati Ram Prasad, Narra Prasanna Lakshmi, Narra Vijaya Lakshmi and Yeduguntla Saritha Reddy – and unidentified officials for the fraud. He alleged that the promoters embezzled funds by diverting the loan amount to other accounts.
The company was initially sanctioned for a loan of Rs 29.5 crore. Due to the lack of internal generation of excess funds, the company was unable to pay the interest or installments on the loan. The company’s account was also declared as a non-performing asset.
Delhi-based MK Agarwal & Co, who conducted a forensic audit, said the borrowing company failed to comply with disclosures required by company law. The company had also taken over part of the sums in current accounts held with other banks, we learn.
The borrowing company had shown incorrect information on stock statements submitted to the bank for a higher credit limit. Forensic auditors in 2019 ruled that the borrowing company was not cooperative according to the RBI circular and that fraud cannot be ruled out. The company was incorporated in 2012 and produced autoclaved aerated concrete bricks at its Kunsi factory in Mahbubnagar.
Hyderabad: The Central Bureau of Investigation has taken action against Hyderabad-based company Vijaya Aero Blocks Private Limited in connection with a fraud on a 44.60 crore loan.
The company, which makes cement bricks, had taken out loans from the Bank of Baroda but failed to repay them. The CBI has appointed promoters – Narra Kumar Prasanna, Chigurupati Ram Prasad, Narra Prasanna Lakshmi, Narra Vijaya Lakshmi and Yeduguntla Saritha Reddy – and unidentified officials for the fraud. He alleged that the promoters embezzled funds by diverting the loan amount to other accounts.
The company was initially sanctioned for a loan of Rs 29.5 crore. Due to the lack of internal generation of excess funds, the company was unable to pay the interest or installments on the loan. The company’s account was also declared as a non-performing asset.
Delhi-based MK Agarwal & Co, who conducted a forensic audit, said the borrowing company failed to comply with disclosures required by company law. The company had also taken over part of the sums in current accounts held with other banks, we learn.
The borrowing company had shown incorrect information on stock statements submitted to the bank for a higher credit limit. Forensic auditors in 2019 ruled that the borrowing company was not cooperative according to the RBI circular and that fraud cannot be ruled out. The company was incorporated in 2012 and produced autoclaved aerated concrete bricks at its Kunsi factory in Mahbubnagar.

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