Hyderabad: The Cyberabad Economic Offences Wing has registered a case of Rs 24 crore fraud at Union Bank of India’s Ramachandrapuram branch. The case, transferred from RC Puram police station on October 5, includes charges of cheating, forgery, criminal conspiracy, and breach of trust.
The complaint was filed by Murthy Kote Srinivasa, Assistant General Manager at Union Bank’s regional office in Punjagutta. He reported that 11 accounts, held by borrowers who had mortgaged properties with the RC Puram branch, are at the center of this fraud.
Some of the companies involved include R K Media Promotions, which allegedly took Rs 2.25 crore, and SVK Traders, which is said to have defrauded Rs 2.66 crore. Divya Argo Food Products reportedly cheated the bank of Rs 2.17 crore, while Sai Sri Balaji Traders is accused of Rs 2.02 crore fraud.
Other companies like Best C Mobiles Sales and Services reportedly took Rs 2.04 crore, and SMR Granites Pvt Ltd allegedly siphoned off Rs 3.19 crore. Rana Enterprises is linked to Rs 2.35 crore fraud, while Pardha Granite Industries defrauded Rs 2.97 crore. Vaishnavi Granite Industries is also accused of Rs 1.93 crore fraud.
More companies, including YMMAR Pharma Chem and Sri Venkateshwara Oil and Food Products, are being investigated for their roles in the scam. This fraud, first discovered in March 2021, has drawn serious attention from authorities, who are now investigating to uncover the full extent of the wrongdoing.
