Another case filed against BCEPL director

Apart from Kalyan Rao, the FIR registered by CBI’s Banking Securities and Fraud Cell, Bengaluru against Best & Crompton Engineering registered on Monday, have three other firms in the accused list beside five more executives of BCEPL.

The company had been engaged in carrying out projects on contract basis in areas of transmission lines, railway electrification, hydraulic engineering etc.

In February 2016, the CBI had booked BCEPL executives, including Kalyan Rao, for bank fraud of Rs124 crore based on a complaint from Central Bank of India. In February 2017, the agency registered another FIR against him on a bank fraud based on a complaint from Andhra Bank.

The firm had borrowed Rs 304 crore from a group of banks, Central Bank of India (Rs 124 crore), Andhra Bank (Rs 60 crore) and Corporation Bank (Rs 120 crore). All the three banks declared the account as non-performing assets in the year 2013, and Central Bank of India was the first nationalised bank to approach CBI with a complaint in the year 2016.

Other accused in the FIR are S V Venkatramanan, the director of BCEPL based in Chennai, B Narayanamurthy, the director from Hyderabad, Seshagiri Rao Ipaagunta, the director and resident of Hyderabad, Meka Rama Krishna Varma a director based in Chennai and Bellary Mural, from

Hyderabad.