CBI files charge sheet in Rs 190-cr loan default case of IFCI

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Former deputy general manager IFCI V C Ram Mohan had received a bribe of Rs 5.7 crore from VNR Infrastructures Limited for clearing a loan of Rs 190 crore to the company, the CBI has alleged in the charge sheet filed in the case, officials said today.

The Central Bureau of Investigation (CBI) has charged Mohan, V Narayana Reddy, Managing Director of VNR Infrastructures Ltd (VIL) and a politician along with G Pravin Kumar, a VIL senior executive, the officials said.

In its charge sheet filed in a Bengaluru special court, the CBI has alleged that Mohan had taken Rs 5.7 crore, about three per cent of the loan disbursed by Industrial Finance Corporation of India (IFCI), for clearing the loan, they said.

The loan amount was later diverted by Reddy into a personal account and allegedly used to clear debts in his other businesses.

The loan was not paid back causing a loss of Rs 205 crore (including the interest) to IFCI, the official said.

The CBI has found in its probe that the loan was availed by submitting inflated valuation of collateral securities, forged valuation reports, misleading financial statements and by misrepresenting facts, they said.