4 days ago
- Business
- New Indian Express
Firm, directors booked for taking loan from SBI using forged documents
HYDERABAD: The State Bank of India (SME) has lodged a complaint against Asthana Agri Genetics and its directors for allegedly defrauding the bank of Rs 5.94 crore by mortgaging forged documents. The chief manager of the SBI Kattedan branch lodged the complaint with the Economic Offences Wing (EOW) of the Cyberabad Commissionerate on July 29.
Asthana Agri Genetics was incorporated in 2018, with Gonuguntla Venkata Narayana and Gadi Ramakrishna as directors. In June 2022, the accused approached the SBI SME Kattedan branch seeking working capital assistance and submitted the required documentation. Based on these submissions, the bank sanctioned a loan of `5.52 crore.
As part of the collateral, Emmanuel Anand Babu Kamma, one of the accused, submitted title deeds for a property measuring 2,320.61 square yards (or 1,940.02 square meters), located at Neknampur village, Rajendranagar mandal, Ranga Reddy district.
However, due to defaults in repayment, the loan account was classified as a Non-Performing Asset on July 28, 2024.
During a subsequent inspection, officials discovered that the property was under the possession of one Bhaskar Goud, who claimed to be the rightful owner.
