Vuppalapati cheats banks worth Rs 1,700 cr?

Vuppalapati cheats banks worth Rs 1,700 cr?

A Hyderabad-based telecom equipment manufacturing company VMC Systems has allegedly made a fraud of worth Rs 1,700.

Based on the complaint filed by Punjab National Bank, the Central Bureau of Investigation (CBI) has registered a case and held raids at over three locations in Hyderabad at the residence and office premises of the firm directors.

In its complaint, PNB also said it needs an outstanding repayment of Rs 539 and over Rs 1,207 crore is pending towards the State Bank of India (SBI), Corporation Bank, Andhra Bank and the JM Financial Assets Reconstruction Company.

The PNB is already in crisis with already Rs 13,500-crore fraud committed by Nirav Modi and Mehul Choksi. The bank further alleged that the VMC Systems diverted the funds.

In its preliminary investigation, the CBI has booked Vuppalapati Hima Bindu, Vuppalapati Venkat Rama Rao and Bhagvatula Venkat Ramanna under various sections of the IPC for criminal conspiracy, cheating and forgery.