The special task branch of the Central Bureau of Investigation (CBI) in Chennai has initiated legal action against two Telangana-based firms and their partners. They are accused of defrauding UCO Bank by obtaining credit facilities through the submission of forged documents. The total amount involved in this fraud is Rs 11 crore.
Farm Fresh Aqua Foods
Farm Fresh Aqua Foods and its partners, Koti Jessy Joel Paul, Sriram Nikhilasree Yadamani, and Venkata Reddy Bhavanam, have been accused of cheating the bank out of Rs 5.4 crore. This company, involved in shrimp exporting, registered various partnership firms with family members as partners to secure a credit limit of Rs 20 crore. These loans were declared non-performing accounts in 2021.
Ganesh Agencies
Ganesh Agencies and its partners, Yarram Mahesh, Kamodula Bhavani Shankar, and Dampuri Koteswara Rao, have been accused of defrauding the bank of Rs 5.3 crore. This company, operating in the grains business, offered third-party properties as collateral and inflated the value of some properties in collusion with empanelled valuers and branch officials to obtain Rs 5 crore in credit facilities.
Involvement of UCO Bank Officers
Former UCO Bank officers S Radhakrishnan and H Phani have been implicated in both cases. They are accused of aiding the accused by granting credit facilities in violation of banking rules. Radhakrishnan, who served as the Assistant General Manager and Branch Head of the Guntur Main Branch, has been dismissed from service. Phani, who was the Chief Manager at the time, was sent on compulsory retirement.
Details from FIRs
According to the First Information Reports (FIRs), both firms availed the loans in 2019. Farm Fresh Aqua Foods and its partners exploited the banking system by registering multiple partnership firms and securing significant credit limits. Ganesh Agencies employed deceitful tactics, including offering inflated collateral, to acquire substantial loans.
CBI’s Action
The CBI has registered separate cases for each firm and has commenced investigations as per instructions.
