In a quick turn of events, the Central Bureau of Investigation(CBI) has conducted searches at the SBI high-level officer's residence and Renlife Labs Private Limited company in connection with a fraud case of worth Rs 16 crore. Reportedly the fraud case was filed on Dec 31, 2019.
The FIR states that the company which deals with sales and purchases of human blood-derived products like Immunoglobulin has added Vijay Raghavendra as the third director of the firm.
The accused has also made fake documents and stated that Vijay's father is no more and claimed that the family property as collateral security to get a loan from the banks.
P. Ravi Kumar, Regional Manager for SBi said that the loan was rejected by the Saifabad branch and Janaki Rama Sarma who works as a financial consultant moved to Mahabubgunj branch and 16 crore loan was approved subsequently taking the asset as surety by the bank.
Assistant General Manager of SBI Dhanrjana Rao has assigned the loan proposal to the firm in the last week of November 2017. Rao who was retired from his post recently has urged Janaki Rama Sarma to wok on behalf of the firm.