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Kothapalli Geetha, Araku MP in 43cr bank fraud case
The Central Bureau of Investigation on Tuesday filed a charge-sheet in the court of Principal Special Judge for CBI cases in Hyderabad against Araku MP Kothapalli Geetha, her husband and managing director of Visweswara Infrastructure Pvt Ltd (VIPL) P Ramakoteswara Rao, some bank officers and another person on the charges of cheating Punjab National Bank up to Rs 42.9 crore.
Visakhapatnam: The Central Bureau of Investigation on Tuesday filed a charge-sheet in the court of Principal Special Judge for CBI cases in Hyderabad against Araku MP Kothapalli Geetha, her husband and managing director of Visweswara Infrastructure Pvt Ltd (VIPL) P Ramakoteswara Rao, some bank officers and another person on the charges of cheating Punjab National Bank up to Rs 42.9 crore.
The accused persons other than the MP and her husband include B K Jayaprakasam, assistant general manager and the then branch manager, Mid Corporate Branch of Punjab National Bank, Hyderabad, K K Aravindakshan, the then general manager, Punjab National Bank Head Office, New Delhi and another person S Rajkumar.
The charge sheet stated that the accused persons entered into a criminal conspiracy to cheat Punjab National Bank in the matter of sanction and availing of short term loan of Rs 25 crore. P Ramakoteswara Rao and his wife Araku MP Kothapalli Geetha had allegedly misrepresented facts to the bank and got the loan sanctioned in collusion with bank officers, a CBI official release said.
The release added that the accused persons further colluded with S Rajkumar in creating false documents for a property which was under litigation. They diverted the loan amount for purposes other than it was sanctioned for and allegedly cheated the Punjab National Bank, resulting in a loss of Rs 42.79 crore.
