Skip to main content

Hyderabad: CBI books firm, directors for duping banks of Rs 4,837 crore

It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of PSBs, consisting of SBI, IDBI, Canara Bank, Andhra Bank, Corporation Bank, Exim Bank, Punjab and Sind Bank and Union Bank of India and caused a loss of Rs 4,837 crore.



Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against city-based IVRCL Limited and others including its Managing Director, Joint Managing Director, unknown public servants and others for defrauding a consortium of Public Sector Banks (PSBs) to the tune of approximately Rs 4,837 crore.

The case was booked based on a complaint lodged by the State Bank of India (SBI) here. It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of PSBs, consisting of SBI, IDBI, Canara Bank, Andhra Bank, Corporation Bank, Exim Bank, Punjab and Sind Bank and Union Bank of India and caused a loss of Rs 4,837 crore.

It was further alleged that the borrower company represented by its Directors had availed various credit limits from the consortium of banks led by SBI and cheated them without repaying the loan amount, according to a press release. As per forensic audit report, 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. Searches were conducted on Wednesday at the residential and official premises of the accused in Hyderabad leading to recovery of several incriminating documents. Investigation is on.

Follow Us On Instagram 
https://www.instagram.com/hyderabadnewsinsta/


Labels:
Location: Hyderabad, Telangana, India

Comments

Post a Comment

Popular posts from this blog

32-Year-Old Woman Dies Allegedly Due to Doctor’s Negligence

  32-Year-Old Woman Dies Allegedly Due to Doctor’s Negligence A 32-year-old woman has reportedly died following alleged medical negligence at Vijay Marie Hospital in Hyderabad. AIMIM MLA Majid Hussain has demanded that a case be registered against those responsible and strict action be taken. 
Post a Comment
Read more

Alwal police registered a POCSO case against eight persons following a complaint alleging the sexual assault of a 16-year-old girl

  Hyderabad: The Alwal police have registered a case against eight persons following a complaint alleging sexual assault of a 16-year-old girl According to police, the girl, an Intermediate student, became acquainted with one Jerry Varun while studying in Class X. She alleged that he intoxicated her and sexually assaulted her. Another person allegedly introduced through him also got her habituated to alcohol, cigarettes and narcotics before sexually assaulting her The girl was also allegedly harassed by another person who became acquainted with her through Instagram. After family members questioned her behaviour on September 9, she reportedly left home. Police said that while she was near Bolarum railway station, some persons allegedly approached her, intoxicated her and sexually assaulted her. The complaint further alleged that other persons subsequently took her to different locations and assaulted her. The girl later escaped and returned home, where she reportedly narrated the i...
Post a Comment
Read more

An overhead electrical equipment failure was reported near Moulali on Sunday night after power lines reportedly snapped over a moving Intercity Express.

  Hyderabad: Overhead electrical equipment (OHE) failure was reported between Secunderabad and Lalaguda stations on Sunday night, after power lines reportedly snapped over a moving Intercity Express near Moulali. The incident occurred around 10 pm, caused a loud noise, following which the train was stopped near Moulali as a precaution. Some passengers reportedly stepped out of the train amid confusion. The South Central Railway officials immediately launched restoration measures. According to the railway authorities, there were no casualties or injuries in the incident. A few trains were detained or regulated for less than 10 minutes and were subsequently allowed to resume normal operations. Train No. 12795 Vijayawada–Lingampalli Express, which was detained in the section, was being moved towards Secunderabad. Railway authorities clarified that both up and down train services are now operating normally.
Post a Comment
Read more