Hyderabad: The Hyderabad unit of the Central Bureau of Investigation (CBI) has discussed a conspiracy and fraud case against the Golden Jubilee Hotels Private Limited (GJHPL) in Madhapur and four other people because they believe a consortium of seven banks led by Bank of Baroda (BoB) cheated. ) to the tune of Rs.1285.45 crore.
The complaint alleges that the GJHPL, represented by CEO and managing director Laxmi Narayan Sharma, used director Arjun Singh Oberoi and two other financial credit limits from 2009 to 2015 as a term loan of 678.89 crore and a limit for non-funds. of 50 million in consortium agreement led by BoB, Hyderabad.
During the implementation of the project, the company, which operates the hospitality industry, did not maintain the time schedule, and the lenders and current directors allegedly conceded to fraudulent trading and started transactions that were suspicious in nature.
The funds were allegedly diverted and ultimately the company did not pay installments and interest. The account was declared a non-performing asset on 31 December 2015 with an outstanding amount of 1285.45 million plus unchanged interest from 1 October 2020.
In a separate case, the CBI received a complaint from Cooling Crafts owner T Ramesh against CPWD’s executive engineer, P Sai Komareswar, stating that Komareswar was demanding bribes in the form of rewards for clearing final accounts for already executed contracts.
The executive engineer also threatened to withhold further accounts from future contracts if the bribes were not paid.
Source: Telangana Today