New Delhi: The Central Bureau of Investigation (CBI) said on Saturday that it had registered a case against a private company in Hyderabad over allegations that they had caused bank losses to around 1285.45 million euros.
‘The Central Bureau of Investigation has registered a case against a private company in Hyderabad and others, including its directors and unknown government officials. It is alleged that the said private company, represented by its directors, used financial credit limits through a term loan of RN 678.89 million and NFBL of Rs 50 million under the consortium arrangement headed by Bank of Baroda, Hyderabad, between 2009 and 2015, ” it is said.
It was further alleged that during the implementation of the project, the company conceded to fraudulent trading and executed suspicious transactions.
The loan account became NPA on 31 December 2015 with an outstanding amount of approximately 1285.45 million.
In four places, including Hyderabad, Delhi, searches were conducted on the premises of the accused, which led to the restoration of incriminating documents. Further investigation is underway.
Source: The Siasat Daily