more-inTwo instances of Industrial Development Bank of India officials defrauding the bank to the tune of ₹226.79 crore by colluding with bank loan brokers, bank panel valuers and a lawyer of the bank panel came to light as the CBI registered two criminal cases against them. In the first case, the IDBI officials — one removed from service and another retired — along with seven valuers of the bank panel and 21 bank loan brokers, allegedly defrauded the bank to the tune of ₹192.98 crore. Among the prime accused was Battu Rama Rao of Hyderabad who worked as IDBI general manager and was removed from service. Another officer, R. Damodaran of Tamil Nadu, who retired as IDBI Chief General Manager, was also accused of involvement in defrauding the IDBI. He was allegedly involved in the fraud while he was Regional Head and general manager of ABG, South Chennai.

Source: The Hindu March 23, 2018 16:37 UTC