CBI raids at Secunderabad in connection with loan fraud case

It was alleged that the private company based at Gurugram/Delhi had availed a term loan facility of Rs 515 crore approximately from Yes Bank in December 2017.

Hyderabad: Secunderabad was among the 14 locations including Delhi/NCR, Lucknow and Kolkata where the Central Bureau of Investigation (CBI) on Wednesday conducted searches in connection with a case registered against two private companies based at Gurugram/Delhi and others including its directors, promoters and unknown persons for causing an alleged loss of Rs 466.51 crore for Yes Bank. Incriminating documents and digital evidence was recovered during the searches.

It was alleged that the private company based at Gurugram/Delhi had availed a term loan facility of Rs 515 crore approximately from Yes Bank in December 2017. The loan amount was declared as NPA on October 30, 2019. Further, the borrower was allegedly declared ‘Red Flagged Account’ on March 6, 2020 on the basis of Early Warning Signals (EWS).

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It was also alleged that the accused, including the said private company and its holding company, its directors and promoters and others committed breach of trust, cheating, criminal conspiracy, forgery for diversion/misappropriation of the public money during the period from 2017 to 2019, thereby causing loss to the tune of Rs 466.51 crore for Yes Bank, according to a press release.