CBI books Hyderabad-based firm for bank fraud
CBI FIR said the company and represented by its had availed cash credit limit of Rs 4.50 cr under the drop line OD scheme from the bank for installing 5MV solar plant in the property offered as collateral security of the loan
Hyderabad: The Central Bureau of Investigation (CBI) has booked a case against a city-based solar projects company along with its directors and others for allegedly cheating State Bank of India to the tune of Rs 3.81 crore.
The CBI FIR said the company and represented by its had availed cash credit limit of Rs 4.50 crore in December 2015 under the drop line overdraft scheme from the bank for installing 5MV solar plant in the property offered as collateral security of the loan.
The company has transferred the borrowed funds from OD loan account to its current account, personal accounts of directors and also their sister company on various occasion and thereby misappropriated the borrowed funds.
Based on a complaint, the CBI registered the case under Section 120B (Criminal Conspiracy) of IPC along with the provisions of Prevention of Corruption (PC) Act against the company, its directors and others and took up investigation.
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