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CBI REGISTERS A CASE AGAINST CHAIRMAN. MD OF HYDERABAD COMPANY. OTHERS ON CHEATING BANK .65.39 CRORE

March 27, 2018 09:21 PM

New Delhi/Hyderabad(Face2News)

The Central Bureau of Investigation has registered a case against Chairman & Managing Director of Hyderabad based private company & eight others including Directors, said private company, other private persons and unknown public servants & unknown others on a complaint received from State Bank of India, Mid Corporate Regional Office, Hyderabad for cheating the bank to an extent of Rs.65.39 crore(approx).

It was alleged that the Hyderabad based private company has been banking with State Bank of India, since 2009 after taking over the credit facilities under availment from Axis Bank. The credit facilities included Cash Credit, Term Loan and Letter of Credit. This account became NPA on 30.04.2014 and was subsequently declared as fraud and reported to RBI in October, 2016. It was further alleged that the company had removed the stocks without the consent of the bank; the claims over the properties given as collateral were disputed; there was diversion of funds and there were heavy cash deposits & withdrawals. Searches were conducted at three places in Hyderabad. Investigation is continuing.

 

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