CBI books Telangana garment company for duping SBI

HYDERABAD: The Central Bureau of Investigation (CBI) has registered a case against Naveen Enterprises, a garment trading firm and its managing partners Tadekonda Vijaya Bhaskar, Mohd Moin and Mohd Muzaffar Hussain for cheating the State Bank of India, Parishram Bhavan Branch, to the tune of Rs 3.25 crore. Branch manager Mohd Abdul Rawoof Pasha and chief manager AVS Prem Kumar who processed a loan of Rs 6 crore, were also named as accused in the case.

While Prem Kumar died and Rawoof Pasha was placed under suspension. CBI took up the investigation based on a complaint from the bank. The fraud came to light in 2018, during an inspection by the bank. The godown which was shown as the collateral property, was not occupied by them. The unit was defunct and the business was non-existent at the registered address. Neither were there any physical stocks nor were there any records of sale.

The audited financials submitted by them were fabricated and there were no stocks available. All the partners along with the guarantor conspired with Abdul Rawoof Pasha, submitted fake and fabricated financial statements. Inquiries also revealed that the proposal was appraised and assessed by Pasha and additional assessment was done by AVS Prem Kumar.