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CBI lodges case in another bank fraud involving Rs 445 cr

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New Delhi, March 23 (IANS) In yet another case of bank fraud, the Central Bureau of Investigation (CBI) on Friday filed a case against 31 persons, including a General Manager of IDBI Bank, for allegedly defrauding the lender of Rs 445 crore, given out as loans which have since turned bad.

On a complaint of the IDBI Bank, a case has been registered against General Manager Battu Rama Rao, former Chief General Manager R. Damodaran, 21 aggregator groups and bank panel valuers for cheating the bank of Rs 445.32 crore by availing Kisan Credit Cards (KCCs) and pisciculture loans on the basis of fake documents and overvalued collateral property, a CBI official said.

The bank had complained to the CBI on December 14 last year disclosing that it had sacked Rao.

The bank alleged that about 220 borrowers consisting of 21 aggregator groups connived with Rao, who was posted at IDBI Bank’s Basheerabagh branch in Hyderabad and Damodaran in Chennai, and the bank panel valuers availed KCC and pisciculture loans and other credit facilities through 220 loan accounts from different branches of IDBI.

The loans were disbursed during 2009-10, 2010-11 and 2011-12.

The bank said that the total loan taken by the 21 aggregators was Rs 192.98 crore for which they submitted fake documents and overvalued collateral property. The bank declared the loan accounts as Non-Performing Asstes (NPAs) on different dates.

According to the bank’s complaint, the total outstanding on the 220 borrowers till September 30, 2017 was Rs 445.32 crore.

In its complaint, the bank said that the fraud came to notice after an internal inquiry found that there was no fish cultivation and the borrowers, who belong to East Godavari, West Godavari and Krishna districts of Andhra Pradesh and Adilabad district in Telangana, either used the loan amounts for other purposes or transferred to their individual savings accounts.

The complaint also alleged that the borrowers belonged to areas where the “business of pisciculture or any other fish farming activities are not undertaken in the lands shown in ther loan application forms”.

The bank also alleged that the aggregators and the borrowers, with the connivance of bank panel valuers defrauded the bank by submitting “inflated and unrealistic valuations of collateral securities” offered by the aggregators.

Private persons named in the FIR include M.L. Rao of Adilakshmi Group, Samayamanthula Sudhakar of S. Sudhakar Group, Nadimpalli Venkata Subba Raju of N.V. Subba Raju Group, Nadimpally Rama Raju, K.S.V. Prasada Raju, T.C. Venkateswara Rao, P.S. Chowdhary and B.C. Reddy, among others.

The CBI has also charged seven bank panel valuers under the sections for criminal conspiracy, cheating, forgery and criminal misconduct.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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