HYDERABAD: The management of Renlife Labs Private Limited colluded with SBI officials of the Mahabubgunj branch to get a loan of Rs 16 crore by submitting fake property documents and a fake death certificate of the original landowner, MV Raghavendra. This was pledged to the bank as collateral security. A day after the CBI officials registered criminal cases on three SBI officers — Pawan Kumar, J Nageswara Sarma and Shashi Shankar — and two Renlife employees Arul Prakash, Mohammed Abdul Azeez, the agency initiated a probe based on the internal report submitted by SBI officials.
An internal enquiry headed by Ashok Desai was conducted by SBI. In his report dated December 5, 2017 to July 25, 2018, it was revealed that bank officers failed to verify the sale deed and other documents pledged with the bank. An advocate of the bank also failed to point out that the death certificate issued in the name of land owner MV Raghavendra was fake. It was Raghavendra who exposed the scam when he complained to SBI officials that he had never taken a Rs 16 crore loan.
Renlife Labs pledged the land of three acres and 30 guntas located at survey No 84/4 at Kengeri of Bangalore. This is owned by MV Raghavendra and family who live in Mysore. Renlife employees obtained a fake death certificate issued by Shreya Hospital stating that Raghavendra had passed away on June 21, 2018. Following this, an amount of Rs 1.77 crore was credited to the current account of Renlife Labs. Rs 16.83 crore was credited to a third party, Virchow BioTech which had an account in Axis Bank, Hyderabad.
Out of this, Virchow BioTech re-transferred Rs 3.15 crore to the current account of Renlife. The accused also created a fake General Power of Attorney (GPA) in the US in favour of Vijay Raghavendra on July 16, 2018. Vijay, who is MV Raghavendra’s son, had no knowledge of the GPA. The CBI is likely to take action against Shreya Hospitals for issuing a fake death certificate.
Modus operandi
Renlife Labs pledged land in Bangalore owned by M V Raghavendra and family as a collateral for the loan of Rs 16 crore. Its employees submitted a fake death certificate issued by Shreya Hospital stating that Raghavendra had passed away on June 21, 2018 though the latter is alive
