The Central Bureau of Investigation (CBI) on Friday carried out searches at various locations in Hyderabad, Guntur and Tamil Nadu in connection with two separate bank fraud cases involving amounts amounting to Rs 7,926.01 crore and Rs 313.79 crore respectively, they said. The authorities.
A CBI official said the agency has filed a case against Hyderabad-based Transstroy (India) Ltd, its chairman and managing director Cherukuri Sridhar, additional directors Rayapati Sambasiva Rao and Akkineni Satish, unknown public officials and others unknown in a Canara Bank complaint.
The official said the Hyderabad-based private company and its directors were alleged to have taken advantage of credit facilities in multiple banking deals. The consortium was formed with other banks, led by Canara Bank, the official said.
The official said that it was further alleged that the defendant had been involved in the falsification of account books, the falsification of statements of values, the alteration of balance sheets, the transfer of funds, etc.
The official said that the defendant misappropriated bank funds and diverted the sanctioned loan amount and caused a loss of Rs 7,926.01 crore to Canara Bank and other member banks. The account had been converted to an NPA and the fraud was reported.
“The company premises and other defendants were searched in Hyderabad and Guntur, leading to the recovery of incriminating documents,” the official said.
Meanwhile, the second case has been registered against Chennai-based Agnite Education Ltd., its Chairman K. Balasubramaniam, Director K. Padmanabhan, unknown public officials and private persons in a complaint from the State Bank of India.
The complaint has alleged that the borrowing company represented by its chairman and director used credit limits of Rs 310 million from SBI.
However, the loan amounts were diverted to related parties and the account became an NPA and fraud was declared, the official said.
The CBI carried out searches at the defendants’ premises in Chennai, which led to the recovery of the incriminating documents.
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