New Delhi: The Central Bureau of Investigation (CBI) on Saturday said that it has registered a case against a private company based at Hyderabad on allegations of causing loss to bank to the tune of approximately Rs 1285.45 crore.
“The Central Bureau of Investigation has registered a case against a Private Company based at Hyderabad and others including its Directors and unknown public servants. It was alleged that the said private company represented by its directors availed financial credit limits by way of a term loan of Rs 678.89 crore and NFBL of Rs 50 crore under consortium arrangement led by Bank of Baroda, Hyderabad between 2009 to 2015,” it said.
It was further alleged that during the implementation of the project, the company indulged in fraudulent trading and carried out suspicious transactions.
The loan account became NPA on December 31, 2015, with an outstanding amount of approximately Rs 1285.45 crore.
Searches were conducted at four places including Hyderabad, Delhi at the premises of the accused which led to the recovery of incriminating documents. Further investigation is underway.