Three held for duping SBI of Rs 16cr

Sep 02, 2012 |

Hyderabad

Tags:

crime

The CBI on Saturday arrested three persons for allegedly duping State Bank of India Global Factors Limited to the tune of Rs 16 crore.

Among the arrested is one Kishore Babu, the business development manager of SBI Global Factors at Banjara Hills, who allegedly helped clear the business loans on the basis of fake documents.

The prime accused, K. Vijay Kumar Chanakya, is the son of retired IAS officer K. Bhaskar Rao. He is the chairman and managing director of a firm called Digital PC Technologies, operating in S.R. Nagar. The third person arrested, A.V.V. Satyanarayana Murthy, is the chief financial officer of the firm, CBI said.

A CBI team led by inspector B. Peddiraju arrested the three in Banjara Hills and produced them before the CBI court on Saturday.

Police sources said Vijay Kumar Chanakya had links with a top police official and lived in a plush rented house at MLA Colony in Banjara Hills. CBI said Chanakya got bank loan on the basis of fake documents, claiming to possess valuable materials in his godowns.

He also gave non-existing property as collateral security, officials said. The CBI said that Chanakya used to invite bank officials to plush hotels where he got the loans sanctioned.

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