Amount greater than Nirav Modi scammed by Hyderabad company of banks | Photo credit: PTI
Hyderabad: A Hyderabad company has been accused of credit fraud by the CBI. They have brought a case against Transstroy India Ltd for defrauding multiple banks of nearly Rs 8,000 crore, according to officials.
The amount involved in the fraud is higher than what the infamous Nirav Modi owes to the country’s banks, according to people familiar with subsequent events. Nirav Modi faces extradition charges and is in a UK jail.
It owes Rs 7.7 billion to the country’s banks. In September last year, an order from the National Commercial Law Court placed Transstroy, which deals with the construction of roads, bridges, irrigation projects, subway-related works and oil and gas businesses in the process of being liquidated.
The CBI has named Rayapati Sambasiva Rao and Akkineni Sathish as defendants in the FIR registered at its Bengaluru unit, according to a report by the Hindustan Times. According to the officials, the agency teams carried out raids yesterday in the city and Guntur in the presence of the accused and recovered documents related to the fraud.
Furthermore, it was alleged that the defendant had participated in the falsification of account books, the falsification of stock statements, the alteration of balance sheets, the transfer of funds, etc.
RK Gaur, CBI spokesperson, told the media: “It was alleged that the defendant misappropriated the bank funds and diverted the loan amount sanctioned by the banks and caused a loss of Rs 7926.01 crore to Canara Bank and other banks. members. The account had been converted to an NPA and the fraud was reported. “
