CBI named chairman of Kadevi Industries MBS Purushottam, managing director Surya Prabhakar, director Sailaja and unidentified public servants in the FIR after a complaint was lodged by SBI deputy general manager Debasish Bhattacharjee.
CBI alleged in the FIR, “During the period between 2013-16, the accused conspired among themselves and with public servants and took loans from the State Bank of Hyderabad using false and fabricated financial statements. The accused diverted then for personal gains, submitted stocks and book debt statements to the bank to conceal their irregularities. They also falsified their books of accounts and caused wrongful loss to the bank to the tune of Rs 104 crore.”
The accused were booked under IPC sections of criminal conspiracy, cheating, using forge documents as genuine and falsification of accounts.
The account became a non-performing asset in 2015.
The fraud was detected in the forensic audit in 2017 and it was declared as a fraud account in April 2020. It is alleged that the company defrauded the consortium of banks to the tune of Rs 156 crore by devolvement of letters of credit opened on multiple firms.
Kadevi Industries was into producing steel structures, antenna systems, telescopic masts, counterpoise earth systems, diesel generators, etc.
In another case, the CBI booked Warangal bankers for Rs 3.1 crore fraud for diverting self-help group funds.
The accused P Ravi Shankar while working as an assistant manager in SBI Thorrur, entered into a criminal conspiracy with private parties and transferred the funds from the accounts maintained by SHGs and kisan credit card scheme accounts by way of unauthorised debits and credited to third party accounts and accounts of family members.
The accused caused a wrongful loss of Rs 3.1 crore.