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Cops asked to transfer files on misuse of funds
Justice Challa Kodandaram of the High Court at Hyderabad on Thursday directed the Cyberabad and Khammam district police to transfer files pending with them on the alleged transfer of funds of the companies under liquidation from State Bank of Hyderabad (SBH) and several other banks to the Central Bureau of Investigation.
Justice Challa Kodandaram of the High Court at Hyderabad on Thursday directed the Cyberabad and Khammam district police to transfer files pending with them on the alleged transfer of funds of the companies under liquidation from State Bank of Hyderabad (SBH) and several other banks to the Central Bureau of Investigation.
The judge was dealing with a petition filed by M/s Allwyn Watches Ltd (a company under liquidation) alleging fraudulent transfer and misuse of its Rs 9 crore funds lying with the SBH. Two cases were registered, one by the Malkajgiri police under the Cyberabad division and the other by Khanapur police in Khammam district.
Earlier the judge sought the opinion of police authorities to transfer the case files pending in Malkajgiri with regard to alleged fraudulent transfer of Rs 9 crores and in Khanapur pertaining to Rs 10.67 crores of funds. As the police said that they did not have any objection for the transfer of case files to the CBI, the judge ordered them to transfer them with immediate effect.
