RCL Tech influenced Vijaya Bank staff to get Rs 9.16 crore loan: Report

HYDERABAD: Owners of the RCL Technologies Private Limited that manufactures computer material in Secunderabad have obtained Rs 9.16 crore loan in four different categories by submitting fake documents for collateral properties and allegedly influenced the Vijaya Bank’s former officials for disbursing loan amount.

The CBI is basing its investigation on an internal report submitted to the probe agency by the Vijaya Bank management. The report held that the documents furnished by the accused were false and said that the accused persons Raja Rapuri and Basireddy Surersh Reddy pledged property documents pertaining to residential plot No 43, survey No 403 and 404 at Shivanagar of Khajaguda, plot No 45, 46, 47 in survey No 403 and 404 Khajaguda, plot no 345 and 352 in survey No 403 and 404 and residential plot No 35 in survey number 87 at Mallikarjuna Nagar in Old Bowenpally with the market value of `6.11 crore were false.

“The Vijaya Bank has obtained another legal opinion from advocate Sri Sai Kumar on the title the collateral securities and as per his opinion, it has come to light that there are multiple registrations against the collateral properties as per the transactions reflected in the encumbrance certificate and title of the collateral properties mortgaged to the bank are not clear,” the internal report had stated.

According to the report, the accused Raja Rapuri and Basireddy Suresh Reddy influenced the valuer and had property value enhanced to `6.11 crore when its actual value was only `1.12 Crore. Further, it was also reported that all loan and advances were sanctioned during the tenure of former assistant general manager C Mallikarjuna Rao.  

After obtaining loan amount under four categories -- secured loan, cash credit facility, Inland letter of credit and collateral security of `9.16 crore, the accused have not purchased and installed machines. The accused have submitted fake bills to the bank stating that they have paid amount to Uday Industries of Rajahmundry for purchasing the machines.

“The then assistant general manager of Vijaya Bank of Marredpally branch Mallikarjuna Rao fraudulently diverted the funds to the accused based on fake invoices with the involvement of purported supplier of machines of Latha Industries and beneficiary under Uday Traders,” officials said.Following the internal report, the CBI officials have initiated probe into the bank fraud.  The CBI had earlier registered cases against bank officers and other persons.