March 27, 2024

Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against Vijaya Aero Blocks Private Limited located in Banjara Hills, Hyderabad, and its directors for causing a loss of Rs. 44 crore to the Bank of Baroda.

The CBI has registered a case against Narra Prasanna Kumar, Chigurupati Ram Prasad, Narra Lakshmi Prasanna, Narra Vijaya Lakshmi, all directors of Vijaya Aero Blocks, and some unknown public servants and private persons.

It was alleged that during 2014-2017, the company availed loans from Bank of Baroda’s Khairatabad branch on the basis of inflated project cost and diverted loan funds for other than business activities and for personal gains. It also submitted false and fabricated stock statements to the bank to conceal its irregularities and willfully defaulted in repayment and caused loss to the tune of Rs. 44.60 crore to the bank.

Searches were conducted at three places, including in Hyderabad, which led to the recovery of several incriminating documents.

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