Central Bureau of Investigation has registered a case against a Hyderabad based company, its Managing Director, Director and unknown public servants for an alleged bank fraud based on a complaint from a State Bank of India (SBI) Stressed Assets Management branch in Secunderabad, alleging that the firm caused loss of Rs 218.21 crores (approx) to the bank.
As per a press release from the agency, the accused have been identified as Haridass Ramesh and Urvashi Ramesh, Managing Director and Director respectively of the Hyderabad based firm Nandini Industries India Pvt Ltd (NIIPL). "Other unknown public servant(s) and private person(s) have also been identified as accused," said the release.
"It was alleged that the said private company was initially sanctioned Rs. 9.5 crore (approx.) Fund based limit on September 14, 2007 which was enhanced from time to time based on the working capital requirements of the borrower. The total Fund based and Non-Fund based limits sanctioned to the said company were Rs. 89.50 crore (approx.). The loan account was declared as NPA in March 2014 due to non-payment of dues to the State Bank of India (SBI). Out of the total limits, an amount of Rs. 54.21 crore (approx.) was outstanding as on NPA date (March 30, 2014). The said amount increased to Rs. 172.71 crore (approx.) as on November 30, 2019 and to Rs. 218.21 crore (approx.) as on March 31, 2021 including interest," read the release.
It was further alleged that the accused in collusion with their subsidiary companies & others resorted to diversion of loan proceeds and to excess drawings of loan proceeds by submitting inflated invoices to the bank. An alleged loss of Rs. 218.21 crore (approx.) was caused to SBI.
Searches were conducted at 3 places in Hyderabad which led to the recovery of several incriminating documents.
( With inputs from ANI )
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