Hyderabad: The CBI registered a bank fraud case in the amount of Rs 7,926.01 crore on Friday, the largest so far in India, against Hyderabad-based Transstroy India Ltd of former MP Rayapati Sambasiva Rao.
The CBI hired CMD Cherukuri Sridhar of Transstroy, additional directors Sambasiva Rao and Akkineni Satish, among others, in a complaint filed by Canara Bank.
Searches were carried out at the facilities of Transtroy and the defendants in Hyderabad and Guntur, leading to the recovery of incriminating documents, the CBI stated.
“The Hyderabad-based private company and its directors were alleged to have taken advantage of credit facilities in multiple banking arrangements. It was further alleged that the defendant had been involved in the falsification / fabrication of account books, falsification of stock statements, alteration of balance sheets, transfer of funds, etc. “said the CBI.
The defendant misappropriated bank funds and allegedly diverted the loan amount sanctioned by the banks and caused a loss of approximately Rs 7,926.01 crore to Canara Bank and other member banks. The account had become a non-performing asset and the fraud was reported.
According to the CBI, the diamond man Nirav Modi had allegedly diverted 6 billion rupees while his uncle Mehul Choksi had swindled 7,080.86 million rupees.
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