Gold Silver Reports (GSR) – Bad Loans In IDBI Bank — The agency has named three accused persons–BK Sahoo, retired deputy general manager of the bank, R Damodaran, and the then DGM Battu Rama Rao–who are common in all the three First Information Reports.
The Central Bureau of Investigation has registered three fresh cases to look into Rs 743 crore of suspicious loans issued by an IDBI Bank Ltd. branch in West Godavari district for fish farming and Kisan Credit Cards which have become non performing assets, officials said today.
There are a total of 41 others accused in these three separate FIRs, they said.
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The agency has said the cases pertain to loans of Rs 394 crore, Rs 160 crore and Rs 189 crore–issued between 2009 and 2012 from IDBI’s Palangi branch in West Godavari district on the pretext of availing Kisan Credit Cards and pisciculture –fish farming– loans.
It is alleged that the loans were issued without proper loan documents, without conducting pre sanction and post sanction inspections and without ascertaining the end use of the loans.
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It is alleged that as per procedure laid down for sanctioning KCC loans, the maximum limit with regard to operation of primary activity or fish tank activity is 50 kilometers from the branch location, however, Damodaran and Rao instructed the branch officials to ignore the condition, they said. – Neal Bhai Reports (NBR) INDIA
