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CBI conducts searches against fraud causing loss of Rs 4736.57 Crs

By IndianMandarins- 10 Jan 2021
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New Delhi(09.01.2021): The Central Bureau of Investigation (CBI) has registered a case against a Hyderabad based private company (borrower company) and others including CMD (Guarantor), MD  (Guarantor), Directors (Mortgagor), another private firm, and unknown public servants on a complaint from State Bank of India (Lead Bank) on behalf of other member banks (IDBI Bank, Canara Bank, BOB, BOM, PNB, UBI, EXIM Bank), for causing an alleged loss of Rs. 4736.57 crore (approx) to the  Banks.

Reportedly, the accused in connivance with unknown public servants and others defrauded the consortium of Banks. The account became NPA on 25 January 2017 with retrospective effect from 28 October 2013 and reported as a fraud on 20 February 2020. It was further alleged that the borrower company during the period 2013-18 had indulged in falsification/fabrication of books of accounts, manipulations/falsification of the financials to show unrealizable invoked BG amounts as realizable investments, falsified details of promoters’ contribution, converted receivables from related parties to investments to siphon off the banks funds, cheating the SBI and other consortium member banks. 

Searches were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada which led to the recovery of several incriminating documents and other material evidences.

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