Former AP Minister booked by CBI for SBI fraud

Former parliamentarian and YSR Congress Party leader Kothapalli Subbarayudu has found himself amidst the alleged fraud of Rs.5.73 crore in State Bank of India (SBI) registered against him by the Central Bureau of Investigation (CBI).

Also the Chief Manager and three field officers of SBI (Narsapur branch) have been booked by the Central Agency in West Godavari district of Andhra Pradesh.

The former state minister of AP in 1990’s, Subbarayudu allegedly conspired with bank officials and utilized 22 fish tank loans by submitting fake and fabricated documents between 2011 and 2013.

CBI stated that the norms and guidelines of SBI under KCC (Kissan Credit Card) for Pisciculture were violated by the bank officials who sanctioned and distributed the loan amount without verification of the documents.

The search of the residential premises of the accused at Amalapuram, Hyderabad, Narsapur and Bhimavaram by the CBI officials led to recovery of certain incriminating documents. Subbaryudu had represented Narsapur constituency in the Lok Sabha and made an unsuccessful attempt at contesting in last year’s elections as a YSR Congress candidate from Narsapur.