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CBI BOOKED COMPANY CMD, OTHERS ON CAUSING LOSS OF RS.4737 CRORES AND CONDUCTS SEARCHES

January 09, 2021 09:15 PM

 New Delhi/Hyderabad (Face2News)

The Central Bureau of Investigation has registered a case against a private company(borrower company) based at Hyderabad and others including its Chairman & Managing Director, Guarantor; Managing Director & Guarantor; other Directors; Mortgagor; Other private firm & unknown public servants on a complaint from State Bank of India(Lead Bank) on behalf of other member banks (i.e. IDBI Bank, Canara Bank, BOB, BOM, PNB, UBI, EXIM Bank), for causing an alleged loss of Rs.4736.57 crore(approx) to the Banks. 

It was alleged that the accused in connivance with unknown public servants & others defrauded the consortium of Banks. The account became NPA on 25.01.2017 with retrospective effect from 28.10.2013 and reported as fraud on 20.02.2020.

It was further alleged that the borrower company based at Hyderabad 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 recovery of several incriminating documents and other material evidences. Investigation is continuing.

 
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