CBI arrests IDBI manager in Vijaywada

CBI has arrested a manager of IDBI Bank in Vijaywada for allegedly demanding a bribe of Rs five lakh from a man for not taking possession of his property on which loan had been declared a non-performing asset.
CBI sources said Ramana Reddy, Manager, IDBI Bank was arrested while he was allegedly accepting first installment of the promised bribe of Rs one lakh from the complainant who had taken loan of Rs 3.5 crore for cold storage.
"It was alleged that the complainant had purchased a cold storage in the year 2011 along with liabilities of term loan of Rs. 3.50 crore from IDBI Bank, Main Branch, Vijayawada. During the month of December 2013, the bank authorities declared the loan as Non-Performing Assets (N.P.A.) on account of failure of complainant in payment of loan installments due to loss in business," CBI Press Officer R K Gaur said here.

He said the bank authorities issued a demand notice under SARFAESI Act for taking possession of the properties of the complainant.
"The complainant paid an amount of Rs 1.15 crore during the period from January, 2015 to June, 2015 to the bank. However, the IDBI Bank served a possession notice on the complainant. The complainant met CGM, IDBI Bank at Bangalore with a request to stop the SARFAESI proceedings and as instructed, he deposited an amount of Rs 19 lakh on June 9, 2015 in his loan account through RTGS," he said.
The CBI said it was further alleged that the accused manager who was looking after the initiation of possession proceedings, contacted the complainant and demanded a bribe of Rs five lakh to stop the further proceedings, otherwise he would initiate the action under SARFAESI Act.

"When the complainant expressed his inability to pay the bribe of Rs five lakh, the accused instructed him to pay the bribe in five installments and directed him to pay Rs one lakh as the first installment. CBI laid trap and the manager was caught red-handed while demanding and accepting the bribe amount of Rs one lakh from the complainant," he said.