IDBI Bank has a huge scandal

IDBI Bank has a huge scandal in financing loan disbursement. Visakhapatnam CBI has registered a case against about Rs 680 crore. The CBI has revealed that 24 IDKs and 26 vendors were allegedly conspirators, including the then Chief General Manager R. Damodaran and then DGM Battu Ramarao. Only Rs. 25 lakhs have been given a loan of Rs. 5 crore to those with debt relief. Recognizing key documents in 18 locations in Andhra Pradesh and Telangana

The CBI said that all 677 people were shown as borrowers and were distributed through Rajahmundry, Palangi and Bhimavaram sectors. They asserted that the mortgage assets were deliberately valued. Rs 545.28 crore was allotted to these three states. The CBI inquiry has shown that the checks have not been done in the field after the release of the loan but before release. Loans have been collected and released without any checks. Recognizing that no permits have been obtained from the superiors. The total loss to the bank was estimated at Rs 680.21 crore due to irregularities. The CBI has said that the cases registered under various sections are being investigated.