Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against a city-based private company, its managing director and five other directors along with unknown public servants and others for cheating the State Bank of Hyderabad (SBH) to the tune of over Rs 53.81 crore.
The case was booked under Sections 120B (Criminal conspiracy) read with 419 (Punishment for cheating by personation), 417 (Punishment for cheating), 420 (Cheating) and 468 (Forgery for purpose of cheating) of IPC along with the provisions of Prevention of Corruption Act based on a complaint lodged by SBH. It was alleged that the company had availed various credit facilities from the LB Nagar branch of the SBH and did not repay the amount, thereby causing a loss of Rs 53.81 crore.
The bank sanctioned and disbursed credit facilities to the company on the basis of collateral securities which were subsequently found to be fake. It was alleged that the company directors produced fabricated title deeds as collateral securities to the bank. They allegedly sold the collateral securities and diverted the proceeds for their personal use, impersonating guarantors. The CBI on Friday conducted searches at six places at the office and residential premises of the directors in Hyderabad and Kamareddy.