CBI conducted searches at the company’s facilities and the accused directors (Representational)
New Delhi:
The Central Bureau of Investigation (CBI) has indicted Hyderabad-based Transstroy (India) Ltd and its directors for alleged bank fraud of more than Rs 7,926 crore in a consortium led by Canara Bank, in the largest bank scam of the country so far exceeding the amount improperly appropriated per Nirav Modi diamond, officials said Friday.
The agency carried out raids on the company’s facilities and the accused directors that led to the recovery of the incriminating documents, its spokesperson said in a statement.
The CBI appointed the company, its president and managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish to the FIR.
The Hyderabad-based private company and its directors were alleged to have used credit facilities in multiple banking arrangements.
“The consortium was formed with other banks, led by Canara Bank. In addition, it was alleged that the defendant had been involved in the falsification / manufacture of account books, falsification of account statements, alteration of balance sheets, transfer of funds, etc. , “Said CBI spokesman RK Gaur.
The CBI has alleged that the directors misappropriated the loans, resulting in a loss of Rs 7,926.01 crore to the consortium members.
“The searches were carried out at the premises of the private company / other defendants in Hyderabad and Guntur, which led to the recovery of incriminating documents,” Gaur said.
According to the CBI, Nirav Modi had allegedly diverted 6,000 crore rupees while his uncle Mehul Choksi had swindled 7,080.86 crore rupees.
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