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Telangana: CBI Sleuths Raid IVRCL Infra Company Over Alleged Multi-Crore Bank Fraud
By: Tupaki Desk | 31 Dec 2020 5:23 AM GMT
The Central Bureau of Investigation(CBI) sleuths have conducted raids at the premises of a Hyderabad-based infrastructure and the residences of the Managing Director and Joint Managing Director.
They have been booked by the premier investigating agency of India on the grounds of alleged fraud which is said to be worth more than Rs 4,800 crore against a consortium of banks, reports claimed.
Going into details, based on an alleged complaint filed by the public sector bank State Bank of India, CBI conducted raids on the infrastructure firm IVRCL, based out of Hyderabad and Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy.
It is also said that the accused in the alleged fraud were involved with some other public servants in defrauding the consortium of the public sector banks worth more than Rs 4,800 crores.
According to the information, the consortium of the public sector banks consist of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India
The premier investigating agency of India alleged the Hyderabad-based firm of availing all the credit facilities from the consortium of the public sector banks and the firm has not paid the money back.
Media reports quoted the CBI sleuths as saying, we have found out that the infrastructure company made several parties by letters of credit (LCs) and the transactions were not entered in the books and misused the bank loans.
During the raids that were conducted on Wednesday, the CBI sleuths have reportedly seized some crucial and important documents pertaining to the alleged multi-crore bank fraud.
They have been booked by the premier investigating agency of India on the grounds of alleged fraud which is said to be worth more than Rs 4,800 crore against a consortium of banks, reports claimed.
Going into details, based on an alleged complaint filed by the public sector bank State Bank of India, CBI conducted raids on the infrastructure firm IVRCL, based out of Hyderabad and Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy.
It is also said that the accused in the alleged fraud were involved with some other public servants in defrauding the consortium of the public sector banks worth more than Rs 4,800 crores.
According to the information, the consortium of the public sector banks consist of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India
The premier investigating agency of India alleged the Hyderabad-based firm of availing all the credit facilities from the consortium of the public sector banks and the firm has not paid the money back.
Media reports quoted the CBI sleuths as saying, we have found out that the infrastructure company made several parties by letters of credit (LCs) and the transactions were not entered in the books and misused the bank loans.
During the raids that were conducted on Wednesday, the CBI sleuths have reportedly seized some crucial and important documents pertaining to the alleged multi-crore bank fraud.
