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CBI registers case against ex-MD of Repco, 5 others on charges of cheating
Central Bureau of Investigation (CBI) has registered a case under sections 120-B read with 420 of IPC and section 13(2) read with 13(1)(d) of PC Act 1988 against then MD, REPCO Bank, Chennai, R Varadarajan, who was at present the MD of REPCO Housing Finance Limited (RHFL), and five others on charges of cheating the bank.
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Chennai
A CBI statement said during 2005 and 2008, two partners of a private firm in Coimbatore availed loan from REPCO Bank to the tune of Rs.3.70 crore which became NPA and the loan was closed in 2010 and a new account opened in City Union Bank, Coimbatore.Â
While closing the loan, the Public Servants allegedly favoured the company by unauthorisedly waiving off the penalty amount of Rs.24.31 lakh.Â
During 2013, the private firm was sanctioned a loan of Rs two crore by the RHFL which took over the loan of Rs four crore availed by them from City Union Bank, Coimbatore.Â
After about 20 months, the loan was taken over by IDBI bank and the pre-closure charges of Rs.22.64 lakh was again allegedly waived off unauthorisedly by the authorities of RFHL, thereby causing loss to the bank.
CBI said raids were conducted at Chennai and Coimbatore which led to recovery of incriminating documents.
Apart from Varadarajan, cases were registered against then ED of RHFL V Raghu, then DGM, Repco Bank Sekar, then Chief Manager of RHFL K S Kannan, then Chief Manager, and partners of private firmsM/s Durga Agencies Ms Shanthamani alias Shanthi and Thirumalaisamy alias @ Thambu.
Further investigation is continuing.
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