The Central Bureau of Investigation (CBI) has registered a case against a private company based at Hyderabad and others including its managing Director, Joint Managing Director, and unknown public servants/others on a complaint from State Bank of India, Hyderabad.
It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of Rs. 4837 crore (approx).
It was further alleged that the borrower company represented by its directors had availed various credit limits from a consortium of banks, led by SBI and cheated the banks, without repaying the loan amount. It was also alleged that as per the Forensic Audit Report, the company made payments to related parties through LCs, without recording any purchase transactions in the books and routed the funds to the account of the company, thereby misappropriated the bank funds. Searches were conducted today at the residential and official premises of the accused at Hyderabad which led to the recovery of several incriminating documents. The investigation underway.
Name of the accused
- IVRCL Limited, Hyderabad.
- E. Sudhir Reddy, Managing Director of IVRCL Ltd.
- R Balarami Reddy, Joint Managing Director of IVRCL Ltd.
- Other unknown public servants and unknown others.