CBI registers case against two Hyderabad-based hotels, promoters
The hotels availed credit facility from banks for business purpose but diverted the same for their personal use
Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against two city-based hotels and their promoters for cheating Punjab National Bank and the Punjab Sind Bank to the tune of over Rs.159 crore.
The hotels availed credit facility from banks for business purpose but diverted the same for their personal use. The loan account slipped into NPA in May 2016. Despite several reminders by the banks, the companies failed to submit the required information to the auditor for conducting forensic audit.
Further, it was found that the companies had routed funds outside the consortium. The two companies colluded with contractors and suppliers to allegedly divert the funds. They have also invested funds in mutual funds and the amounts were withdrawn by the company and not returned to the banks.
The CBI found that the companies misappropriated funds of the banks and diverted them their wrongful gain at the expense of banks. Based on a complaint, the CBI registered a case and took up investigation.
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