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CBI Booked Cold Storage For Loan Default
deccanchronicle.com
Wednesday, February 4, 2026
The Reserve Bank of India has imposed a Rs 1 crore penalty on Union Bank of India for failing to detect and report fraud on time.The Reserve Bank of India has imposed a Rs 1 crore penalty on Union Bank of India for failing to detect and report fraud on time.HYDERABAD: CBI officials have registere...
HYDERABAD: CBI officials have registered cases against Hyderabad-based Cold Storage Private Limited for duping Union Bank of India to the tune of ₹6 crore by taking loan and defaulting on it.
According to the CBI officials, the cases were registered against Balanagar-based Cold Storage Private Limited and its management and directors Bolu Hymavathi, a resident of Chirala in Andhra Pradesh, Madanachari Kanchari, a native of Gandeed village of Ranga Reddy district, and Duvvuri Varija, a resident of Mehdipatnam.
The CBI’s action followed a complaint received from Union Bank of India SD Road branch deputy general manager V. Sree Venkata Nagesh, alleging that the company had taken a term loan of ₹5.5 crore from the bank pledging properties as collateral. But the company diverted the funds and defaulted on the loan repayment.
After the loan turned into a non-performing asset, the bank complained to the CBI, which registered cases against the company and took up a probe.
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