CBI registers FIR against Hyderabad based Totem Infrastructure Ltd

CBI registers FIR against Hyderabad based Totem Infrastructure Ltd
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New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Hyderabad based Totem Infrastructure Ltd for allegedly cheating the Union Bank of India which led to nearly Rs 1,394 crores defraud.

The Consortium leader of Union Bank of India filed the complaint accusing the Totem Infrastructure of allegedly cheating the Bank.

The CBI conducted raids at various spots in Hyderabad after filing an FIR under IPC sections relating to cheating, criminal conspiracy and criminal breach of trust and relevant provisions of the Prevention of Corruption Act against Totem Infrastructure, Promoter Tottempudi Salalith and his wife and director of the firm Tottempudi Kavita.

“Loan was taken from a consortium of eight banks including UBI which was the lead bank. The total outstanding dues against the firm is Rs 1,394.43 crore. This account became Non-performing asset (NPA)on June 30, 2012 after loan and interest repayment default,” said a CBI official, Newsnation reported.