CBI registers case against former TDP Minister

Newsroom24x7 Desk

cbiNew Delhi: The Central Bureau of Investigation has registered a case against Kothapalli Subbarayudu, who is an ex-MP and was also TDP minister in Andhra Pradesh, besides a former Chief Manager and 3 Field Officers of State Bank of India, Narsapur Branch and a few others for causing an alleged loss of Rs.5.73 crores to the Bank.

It was alleged that between 2011 and 2013, the former TDP minister had connived with the then Chief Manager, & three Field Officers of State bank of India and availed 22 Fish Tank Loans under KCC (Kissan Credit Card) for Pisciculture in his name and in the names of his wife, relative and his close associates by submitting fake & fabricated Annual Agriculture Income Certificates (purportedly issued by the Revenue Authorities), fake and forged lease agreement documents and routed the entire sanctioned amount to his Savings Bank Account maintained with State Bank of India, Narsapur Branch. The allegation against him was that he had misused this money for his personal use and not for the purpose for which it had been sanctioned. The bank officials had violated the laid down norms and guidelines of State Bank of India and disbursed the loan amount to the borrower without verifying the genuineness of the documents. The pre-sanction/post-sanction inspection was also not conducted.

Searches were carried out at the residential premises of the accused persons at Hyderabad, Amalapuram, Bhimavaram and Narsapur which led to recovery of certain incriminating documents.

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