The Central Bureau of Investigation (CBI) has filed a case of bank fraud amounting to ₹33 crore against two directors of a Hyderabad-based private company and some unidentified individuals. Acting on a complaint from the Assistant General Manager of the State Bank of India (SBI) Baddi branch, the CBI’s Anti-Corruption Bureau (ACB) in Shimla has initiated an investigation.
Allegations Against Hyderabad-Based Company
The complaint alleges that the Chief Managing Director, Sandharpalle Venkatayya, and Director, Gudluru Mastan, of the company conspired with unidentified public servants and private individuals to defraud the bank. They are accused of disposing of mortgaged properties without obtaining the bank’s consent and misusing the sale and lease proceeds for personal gain.
Instead of depositing the funds with the lending bank, they allegedly used the money for their own benefit, resulting in a loss of ₹33 crore to the government treasury. The company’s industrial plant and factory are located in Baddi, Himachal Pradesh, while its headquarters is in Hyderabad.
Fraud Case Against Rajasthan-Based Firm
In a separate case, the CBI’s ACB Shimla has registered a fraud case involving ₹3.34 crore against two partners of Devang Sales Corporation, based in Rajasthan, along with unidentified public servants and others. The accused allegedly colluded to secure a cash credit facility from Punjab National Bank (PNB) Parmanu branch and misused the funds.
The company’s registered office is in Rajasthan, while its operational unit is located in Kala Amb, Sirmaur, Himachal Pradesh. The case was registered following a complaint from Kapil Matta, the Chief Manager of PNB Parmanu branch.
The CBI has started a detailed investigation into both cases to uncover the full extent of the alleged fraud and identify all those involved. More details will be revealed as the investigation progresses.
