Ex Min Kothapally Subbarayudu dupes SBI for Rs.5.7 Cr, CBI conducts raids

Narsapuram, March 5, 2015: CBI has filed a cheating case against former Minister Kothapally Subbarayudu for cheating SBI with false documents for getting a loan of Rs. 5.7 Cr. Special teams of CBI today raided the offices and houses of Subbarayudu at Narsapuram and surrounding towns after registering the case. The raids were still continuing when reports last came in. According to CBI, Subbarayudu obtained the loan from Narsapuram SBI branch saying he would launch 20 Fish Banks. He submitted forged and false documents for obtaining the loan. The CBI has filed case against a SBI official too for cooperating with him in obtaining the loan.