CBI REGISTERS A CASE AGAINST A PRIVATE (BORROWER) COMPANY ON THE ALLEGATIONS OF BANK FRAUD, AND CONDUCTS SEARCHES


 

Press Release
New Delhi, 08.10.2020

The Central Bureau of Investigation has registered a case on a complaint from Punjab National Bank against a private company (borrower company), based at Secunderabad, Rangareddy (Telangana) and others on the allegations of causing an alleged loss of Rs. 826.17 crore (approx.) to Punjab National Bank and other consortium banks. It was alleged in the complaint that the accused had cheated the Punjab National Bank led consortium banks by way of diversion / siphoning off bank funds etc.

Searches are being conducted today at 11 locations including at Hyderabad, Mumbai and West Godavari (Andhra Pradesh) at the office and residential premises of Borrower Company and other accused.

Investigation is continuing.

********