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Hyderabad: CBI books firm for duping banks of Rs 4,837 crore
Hyderabad: CBI books firm for duping banks of Rs 4,837 crore
In a case of bank fraud, the Central Bureau of Investigation (CBI) registered a case against a firm and its managing director E Sudheer Reddy
Hyderabad: In a case of bank fraud, the Central Bureau of Investigation (CBI) registered a case against a firm and its managing director E Sudheer Reddy, joint managing director R Balarami Reddy and other unknown public servants for cheating a consortium of banks to the tune of Rs 4,837 crore.
On Wednesday, the CBI conducted raids in the firm and at the residences of the directors and seized some documents.
The CBI registered the case on the complaint of State of Bank of India (SBI). It is alleged that IVRCL Limited in connivance with unknown public servants duped the consortium of banks consisting of SBI, IDBI, Canara Bank, Andhra Bank, Corporation Bank, Exim Bank, Punjab and Sindh Bank and Union Bank of India.
It is also alleged that the firm Directors had got various credit limits from the consortium of banks and defrauded them without repaying the loan amount. According to a release, the company made payments to related parties through LCs, without recording any purchase transactions in the books and routed funds to the account of the company and thereby misappropriated the bank funds, according to the audit report of forensic.
