CBI books Hyderabad-based real estate firm Minerva for duping Union Bank of India

  • | Wednesday | 12th June, 2019

By Express News ServiceHYDERABAD: Officials from the Bank Security and Fraud Cases wing in the Central Bureau of Investigation (CBI) on Tuesday registered criminal cases against city-based real estate firm Minerva Executive Apartments Private Limited and its management for duping the Union Bank of India to the tune of Rs 168 crore. The firm is accused of submitting false documents to obtain a loan from the bank. The firm is promoted by Vijayavardhan Reddy and P Chakradhar Reddy. In a phased manner, the firm’s management is accused to have taken a loan of `168 crore from Union Bank of India. CBI officials suspect the funds were diverted to other businesses by duping the bank about the destination of the money.

By Express News Service HYDERABAD: Officials from the Bank Security and Fraud Cases wing in the Central Bureau of Investigation (CBI) on Tuesday registered criminal cases against city-based real estate firm Minerva Executive Apartments Private Limited and its management for duping the Union Bank of India to the tune of Rs 168 crore. The firm is accused of submitting false documents to obtain a loan from the bank. The agency booked cases under charges of criminal conspiracy, criminal breach of trust, cheating, forgery for the purpose of cheating, using forged documents, against Minerva Apartments managing director P Chakradhar Reddy, a resident of Jubilee Hills, and directors P Lakshmi Shruthi and A Vijayavardhan Reddy. The firm is promoted by Vijayavardhan Reddy and P Chakradhar Reddy. It had planned to construct executive service apartments in Bangalore, which would consist of 100 rooms, a restaurant, bar, business centre and a fitness centre. In a phased manner, the firm’s management is accused to have taken a loan of `168 crore from Union Bank of India. However, the firm failed to pay the bank back. CBI officials suspect the funds were diverted to other businesses by duping the bank about the destination of the money.

If You Like This Story, Support NYOOOZ

NYOOOZ SUPPORTER

NYOOOZ FRIEND

Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.


Stay updated with all the Hyderabad Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles