New Delhi: The Central Bureau of Investigation (CBI) has filed cases against a Hyderabad-based company, Transstroy (India) Ltd, for allegedly cheating a consortium of banks of Rs 7,926 crore, and against a Chennai based company for cheating the bank to the tune of Rs 313.79 crore, officials said Friday.
According to officials, fugitive diamantaire Nirav Modi, who is currently lodged in a UK jail and is facing extradition charges, is wanted in the Punjab National Bank fraud case for cheating the bank to the tune of Rs 7,700 crore.
A CBI official said that the agency has registered a case against Hyderabad-based Transstroy (India) Ltd, its chairman and managing director Cherukuri Sridhar, Additional directors Rayapati Sambasiva Rao and Akkineni Satish, unknown public servants and unknown others on a complaint from Canara Bank.
The official said that it was alleged that the private firm based at Hyderabad and its directors had availed credit facilities on multiple banking arrangements. The consortium was formed with other banks, led by Canara Bank, the official said.
The official said it was further alleged that the accused had been involved in falsification of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds etc.
The official said that the accused misappropriated bank funds and diverted the loan amount sanctioned and caused loss of Rs 7,926.01 crore to Canara Bank and other member banks. The account had become NPA and the fraud was reported.
“Searches were conducted at the premises of the company and other accused at Hyderabad and Guntur, which led to recovery of incriminating documents,” the official said.
Meanwhile, the second case has been registered against Chennai-based Agnite Education Ltd., its chairman K. Balasubramaniam, director K. Padmanabhan, unknown public servants and private persons on a complaint from State Bank of India.
In the complaint it has been alleged that the borrower company represented by its Chairman and Director availed Credit limits of Rs 310 crore from SBI.
However, the loan amounts were diverted to related parties and the account became NPA and declared as fraud, the official said.
The CBI carried out searches at the premises of the accused at Chennai which led to recovery of incriminating documents.