CBI Summons Sujana Chowdary in Bank Fraud Case

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The Central Bureau of Investigation (CBI) issued summons to former union minister and TDP Rajya Sabha MP Sujana Chowdary on Thursday in a bank fraud case. Chowdary has to appear before the agency’s office at Bengaluru on Friday.

The CBI had booked FIRs against Best and Crompton Engineering Products Limited and its directors, including Kakulamarri Srinivas Kalyan Rao, between February 2016 and July 2018. It alleged that Best and Crompton defrauded banks to the tune of Rs 304 crores, including Rs 124 crore of Central Bank of India, Rs 60 crore of Andhra Bank and Rs 120 crore of Corporation Bank.

Best and Crompton directors had reportedly said YS Chowdary was responsible for the activities of Sujana Group. In the statement, they also said they rendered their signatures on the insistence of YS Chowdary either directly or through the group CFO, and that they were namesake directors.

Reacting to the development, YS Chowdary said in a statement: “Since 2003, I have been holding only non-executive positions in three listed entities of the Sujana Group—Sujana University Industries Limited, Spending Metal Products Limited and Neueon Towers Limited — with no powers of management of the companies till October 2014. I was not holding any executive or non-executive positions in any corporate entity since October 2014, including the three listed entities. The summons I received from CBI are regarding Best and Crompton.”

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