Major Corporate Fraud in Vijayawada

A major corporate fraud involving Union Bank has reportedly come to light in Vijayawada, with the bank allegedly being defrauded of around ₹24 crore through false information. According to the complaint, loan funds were allegedly diverted through shell companies without actually setting up the units for which the loans were sanctioned. During inspections, authorities reportedly found a significant discrepancy between the declared stock and the actual inventory. Against the expected goods worth ₹23.85 crore, only stock valued at around ₹25 lakh was reportedly found.

Union Bank AGM Srikanth Patro is understood to have lodged a complaint with the Central Bureau of Investigation (CBI) over the alleged fraud. Based on the complaint, the CBI has reportedly registered a case against Omkara Vijayalakshmi Stripes, the entity that availed the loan. The investigation is focusing on the alleged use of shell companies, diversion of loan funds and submission of false information to the bank. Further details are expected to emerge as the probe progresses.