The Central Bureau of Investigation (CBI) has registered a case of fraud amounting to ₹33 crore with the State Bank of India’s (SBI) Baddi branch. The case involves two directors of a Hyderabad-based private company, Sandharpalle Venkatayya and Gudluru Mastan, along with some unidentified individuals.
The complaint, filed by the Assistant General Manager of SBI’s Baddi branch, alleges that the accused conspired to cheat the bank by misusing mortgaged properties. According to the complaint, the accused disposed of and removed the previously mortgaged properties without obtaining the bank’s consent. They then allegedly used the proceeds from the sale and lease of these properties for personal gain, rather than depositing the amount with SBI.
The fraudulent actions reportedly caused a loss of ₹33 crore to the government treasury, benefiting the accused unlawfully. The company operates a plant and factory in the industrial area of Baddi, while its headquarters are located in Hyderabad.
The CBI has registered the case under its Anti-Corruption Bureau in Shimla and has begun an investigation.
