CBI REGISTERS A CASE AGAINST THEN AGM OF SYNDICATE BANK & OTHERS INCLUDING THEN CHIEF MANAGERS, PRIVATE PERSONS ON THE ALLEGATIONS OF CAUSING LOSS TO BANK, AND CONDUCTS SEARCHES


 

Press Release
New Delhi, 13.11.2020

The Central Bureau of Investigation has registered a case against the then AGM, Regional Office, Syndicate Bank, Nizamabad; the then two Chief Managers, Syndicate Bank, Chanda Nagar, Hyderabad and others including private persons & unknown persons. It was alleged that a Civil Contractor approached Syndicate Bank, Chandanagar Branch, Hyderabad and availed Rs. 500 Lakh as working capital & Rs. 500 Lakh as Bank Guarantee during the period 2016-17 to meet the expenses of his contract works. It was further alleged that the account slipped to NPA during June 2017 within one year, with an outstanding loan of Rs. 872.92 lakh (approx) during June, 2017. It was also alleged that some of the assets mortgaged to the bank proved to be non-existent and in respect of some other assets the Valuation Reports submitted by valueers appeared to be inflated. Thus, the bank suffered a loss of Rs. 1229.58 lakh (approx).

Searches were conducted at the premises of accused at Musheerabad, Hyderabad, Secunderabad, Kodada, Kukatpally which led to recovery of some incriminating documents.

Investigation is continuing.

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