CBI REGISTERS A CASE AGAINST MANAGING DIRECTOR OF HYDERABAD BASED PRIVATE COMPANY AND OTHERS FOR CAUSING AN ALLEGED LOSS OF RS. 53.81 CRORE (APPROX) TO STATE BANK OF HYDERABAD

Press Release
New Delhi, 07.04.2017

      The Central Bureau of Investigation has registered a case against Hyderabad based private company; Managing Director & five other Directors of said firm and unknown public servants & others, on a complaint from State Bank of Hyderabad U/s. 120-B r/w 419, 420, 468 & 471 of IPC and Sections 13(2) r/w 13(1)(d) of PC Act, 1988.

      It was alleged that the company had availed various credit facilities from State Bank of Hyderabad, L B Nagar Branch, Hyderabad and did not repay the same, thereby causing an alleged loss of Rs.53.81 crore (approx) to the bank. The said Bank had sanctioned and disbursed various credit facilities to the company on the basis of collateral securities which were subsequently found to be fake. It was also alleged that the Directors of the company had produced fake / fabricated title deeds as collateral securities to the bank, sold away the collateral securities and diverted the proceeds for their personal use, impersonated the guarantors, etc.

      Searches are being conducted today at 6 places at the office & residential premises of the accused at Hyderabad and Koma Reddy (Telangana).

      Further investigation is continuing.


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