CBI registers case against pvt company based in Hyderabad over bank fraud

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State News

Dec 30, 2020

10:19PM

CBI registers case against pvt company based in Hyderabad over bank fraud

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The Central Bureau of Investigation, CBI has registered a case against a private company based in Hyderabad and others including its Managing Director, Joint Managing Director and unknown public servants or others on a complaint from State Bank of India, Hyderabad.

It is alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab and Sind Bank, Union Bank of India and caused a loss of approximately 4 thousand 8 hundred 37 crore rupees to the Banks.

It is further alleged that the borrower company represented by its Directors had availed various credit limits from a consortium of Banks, led by State Bank of India and cheated the banks, without repaying the loan amount. It was also alleged that as per the Forensic Audit Report, the company made payments to related parties through LCs, without recording any purchase transactions in the books and routed the funds to the account of the company and thereby misappropriated the bank funds.
The Agency conducted searches today at the residential and official premises of the accused at Hyderabad which led to recovery of several incriminating documents.