INDUKURI PRASADA RAMA MOHANA RAJU Vs. CENTRAL BUREAU OF INVESTIGATION
HIGH COURT OF ANDHRA PRADESH
Indukuri Prasada Rama Mohana Raju
CENTRAL BUREAU OF INVESTIGATION
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T. Rajani, J. -
(1.)This petition is filed seeking for quash of the proceedings against the petitioner, who is accused No.4, in Crime No.04(A) of 2018 on the file of the CBI, Visakhapatnam. The offences alleged arc under Sections 120-B, 420, 468 and 468 r/w 471 IPC.
(2.)Heard the counsel for the petitioner and the Public Prosecutor appearing for the respondents.
(3.)The crime was registered based on a written report received from one Prafulla Kumar, working as General Manager and Senior Regional Head, IDBI Bank Ltd., Visakhapatnanr alleging large scale fraud in IDBI Bank Limited, in the matter of processing and sanctioning of Loans under Kisan Credit Cards/short term loans for construction of ponds/tanks by A1, the then COM, and A2, the then DGM, and other unknown bank officials. Criminal conspiracy was alleged between A1 and A2 & A3 to A10. It is stated in the complaint that in furtherance of the conspiracy, KCC loans were sanctioned to an extent of Rs. 159.24 crores in the name of 226 borrowers deceitfully arranged by aforesaid eight aggregators on the basis of fake documents in respect of the lease deeds. In furtherance of the conspiracy, A1 dishonestly enhanced the limit to Rs. 5 crores although the maximum limit of KCC loans was only Rs. 25 lakhs, without knowledge of and approval from competent authority and circulated an email to the branch. Al and A2 directed the Brach level officers involved in processing and recommendation of loan and submitting positive reports in respect of 226 borrowers arranged by aforesaid eight aggregators, A3 to A10 and subsequently after sanction of loans the branch officials were instructed to disburse the total loan proceeds to Savings Accounts of beneficiaries without ensuring the end use. The loans so disbursed were diverted from the beneficiaries account by the accused and later misappropriated. As per the procedure laid down for sanction of KCC Loans the maximum limit with regard to the operation of primary activity/ fish tank activity is 50 Kms., from the branch location. However, Al instructed the Branch to ignore the condition. Hence, the complaint is filed, alleging the offences under Sections 120B r/w 420, 468, 468 r/w 471 IPC and Sections 13(2) r/w 13(l)(d) of P.C. Act. The FIR was registered for the same offences.
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