Hyderabad: CBI books case against five for Rs 1,285 crore scam
The funds were allegedly diverted and ultimately the company has not paid installments and interest
Hyderabad: The Hyderabad unit of Central Bureau of Investigation (CBI) has booked a conspiracy and cheating case against the Golden Jubilee Hotels Private Limited (GJHPL) in Madhapur and four other persons for allegedly duping a consortium of seven banks led by Bank of Baroda (BoB) to the tune of Rs.1285.45 crore.
In the complaint, it was alleged that the GJHPL represented by CEO and MD Laxmi Narayan Sharma, Director Arjun Singh Oberoi and two others availed financial credit limits from 2009 to 2015 by way of term loan of Rs.678.89 crore and non-fund base limit of Rs.50 crore under consortium agreement led by BoB, Hyderabad.
During the implementation of the project, the company, which is into the hospitality industry, failed to maintain the time schedule and the borrowers and present directors allegedly indulged in fraudulent trading and initiated transactions which were suspicious in nature.
The funds were allegedly diverted and ultimately the company has not paid installments and interest. The account was declared as non-performing asset on December 31, 2015 with outstanding amount of Rs.1285.45 crore plus unchanged interest from October 1, 2020.
In a separate case, the CBI received a complaint from the Cooling Crafts proprietor T Ramesh against the CPWD Executive Engineer P Sai Komareswar stating that Komareswar was demanding bribe in the form of reward for clearing final bills for already executed contracts.
The executive engineer also threatened to withhold further bills of upcoming contracts if the bribe was not paid.
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