CBI raids fabrics company in Hyderabad
The CBI officials recovered some incriminating documents during the searches carried out at the office and residential premises of the accused.
Hyderabad: The Central Bureau of Investigation (CBI) on Thursday conducted searches at two places in Hyderabad and Chennai in connection with a case registered against a fabrics company in Sultan Bazaar and its two directors.
The CBI officials recovered some incriminating documents during the searches carried out at the office and residential premises of the accused. The CBI registered a case against the company on the allegations that the company had availed various loan facilities from December 26, 2003 to December 31, 2010 from SBI, commercial branch in Hyderabad under consortium arrangement.
Since the company had defaulted in payment of interest and installments, the account was classified as NPA in 2011. It was alleged that the accused diverted funds and manipulated books of accounts, causing loss to the tune of approximately Rs.173.76 crore to the bank.
