The CBI has registered a case against a couple and their accomplices for allegedly defrauding Canara Bank of Rs 338.37 crore by taking loans with fake credentials.Tota Kannarao of Rajahmundry started his business as Managing Director and his wife Venkataramana as Director of Sri Krishna Stockist and Traders Pvt.Ltd.in I.Pangidi, Kovvur Zone, West Godavari District.
In 2014-15, he borrowed Rs 35 crore from Indian Bank and Rs 30 crore from IDBI, showing certain assets as surety for growing neem trees, refining seeds, manufacturing pharmaceuticals and corn seed business.
In 2015-16, he obtained a loan of Rs 152 crore from Canara Bank headquarters in Hyderabad with fake credentials for business expansion.Bank Circle office GM T Veerabhadra Reddy lodged a complaint against the couple with the CBI in Delhi for non-payment of loans.
In addition to the bank defrauding case, the police have also filed a case on the couple for creating a loss of Rs 338.37 crore to the Canara bank.Currently, the CBI is investigating the case.The details regarding the case are likely to come out once the officials complete the investigation process.
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