CBI books Hyderabad firm for cheating bank
The alleged fraud came to light during a forensic auditing.
Hyderabad: The Hyderabad unit of Central Bureau of Investigation (CBI) has booked a case against a fabrics company based in Sultan Bazaar and its two directors for allegedly cheating the State Bank of India.
The alleged fraud came to light during a forensic auditing. Based on a complaint received from the bank Deputy General Manager Debasish Bhattacharjee, the CBI booked a case under Section 120 B (Criminal Conspiracy) read with 420 (Cheating) of Indian Penal Code along with the provisions of Prevention of Corruption Act.
The CBI FIR said the company availed various credit facilities from December 2003 under consortium agreement and later the account became NPA. The FIR said the accused allegedly diverted funds and manipulated books of accounts, causing a loss of Rs. Rs.173.76 crore including accrued interest as on date of the complaint.
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