The Central Bureau of Investigation (CBI) has registered six FIRs in connection with bank loan frauds involving Canara Bank, Bank of Baroda, and the State Bank of India (SBI) over the last two weeks, amounting to ₹107 crore. These cases, filed by the CBI’s Visakhapatnam unit, target several individuals, including company directors and unknown public officials, for allegedly defrauding the banks and causing significant financial losses.
In one instance, SR Tagore, Assistant General Manager at Bank of Baroda, filed a complaint against Risely Feeds Private Limited and its promoters—Sarella Peddiraju, Satti Chandra Sekhar Reddy, and Meera Mohiddin Shaik. Risely Feeds, which trades in aqua feeds and raw materials for prawn and fish farming in Andhra Pradesh’s West Godavari and Krishna districts, is accused of inflating inventory values in its balance sheets to obtain loans.
The complaint further alleges that the company’s stock and accounting records were unavailable, and its godowns could not be located. Additionally, the promoters are accused of fraudulently converting mortgaged land into plots, causing Bank of Baroda a loss of ₹14.71 crore.
Other cases involve frauds against Canara Bank. In one such case, P Ravi Varma, General Manager of Canara Bank, Vijayawada, filed a complaint against Srirangam Kiran, who allegedly conspired with Goluguri Srirama Reddy and unknown public officials to forge lease deeds and inflate collateral security values. This enabled Kiran to secure an overdraft of ₹4.45 crore for his pisciculture unit, with the outstanding balance now reaching ₹13.4 crore.
In another case, Bokka Satyanarayana Reddy allegedly collaborated with Goluguri Rama Krishna Reddy and unknown public officials to inflate collateral security values for a pisciculture loan, resulting in an outstanding balance of ₹12.68 crore.
Similarly, Matlapudi Satyanarayana and Goluguri Srirama Reddy, along with unknown public servants, are accused of forging lease deeds and land conversion certificates to secure a loan for a pisciculture unit, causing a loss of ₹13.6 crore. Additionally, Srinivasula Venugopala Krishnamacharyulu, in collusion with Srirama Reddy and unknown officials, allegedly defrauded Canara Bank of ₹13.44 crore.
In a separate complaint, R Varadarajan, Deputy General Manager of State Bank of India (SBI), reported loan fraud involving Sudalagunta Sugars Ltd. The company, represented by its promoter Sudalagunta Jayaram Chowdary and Director S Prameela, availed credit facilities worth ₹39.60 crore from SBI and other banks under a consortium and multiple banking arrangements.
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