The Cyberabad Economic Offences Wing has initiated an investigation into a Rs24 crore fraud case involving the Union Bank of India’s Ramachandrapuram branch. The case encompasses serious allegations, including cheating, forgery, criminal conspiracy, and breach of trust.
The complaint was lodged by Murthy Kote Srinivasa, Assistant General Manager at Union Bank’s regional office in Punjagutta. According to the complaint, 11 accounts linked to individual borrowers who had mortgaged properties with the Ramachandrapuram branch are central to the fraudulent activities.
Among the companies implicated, R K Media Promotions is accused of swindling Rs2.25 crore, while SVK Traders allegedly defrauded the bank of Rs2.66 crore. Divya Argo Food Products and Sai Sri Balaji Traders are under scrutiny for frauds amounting to Rs2.17 crore and Rs2.02 crore, respectively.
Other firms involved include Best C Mobiles Sales and Services, which reportedly siphoned off Rs2.04 crore, and SMR Granites Pvt Ltd, implicated in a Rs3.19 crore scam. Rana Enterprises is linked to a Rs2.35 crore fraud, while Pardha Granite Industries allegedly defrauded the bank of Rs2.97 crore. Vaishnavi Granite Industries is also under investigation for committing fraud worth Rs1.93 crore.
Ongoing investigations are examining additional companies, including YMMAR Pharma Chem and Sri Venkateshwara Oil and Food Products, for their potential involvement in this large-scale fraud that first came to light in March 2021. Authorities are working diligently to uncover the full scope of the conspiracy and ensure that those responsible are brought to justice.
