CBI in response to a case filed against Tob International Pvt Ltd, Tadisetty Venkata Rao, Managing Director, Promoter and Guarantor, and Tadisetty Murali Mohan, Director and Promoter, as well as unknown public servants, according to a CBI spokesperson.
The officials stated that searches have been performed at the premises of the accused at three places in Andhra Pradesh and Telangana. The spokeperson stated that it was alleged that Tob International used to be engaged in trading of tobacco. He stated that it was once also alleged that Tob International Pvt Ltd availed FB (CC& SLC) credit score facilities aggregating to Rs 45 crore from State Bank of India (SBI), Specialised Commercial Branch in Guntur.
‘These credit score amenities had been inter alia secured towards hypothecation of movable assets, loan of immovable homes and personal guarantees.’
The account grew to become NPA on February 27, 2019 due to lower income coupled with decreased margins, losses, etc in addition to submission of inflated or manipulated stock statements and switch of money to the non-public accounts of Directors.
‘An alleged loss to the tune of Rs 19.28 crore was precipitated to SBI,’ the respectable added.