CBI registers case against private Hyderabad company for Rs 218 crore SBI loan fraud

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The CBI has raided three locations in Hyderabad linked to a private firm for committing Rs 218 crore loan fraud against the State Bank of India. The search led to the recovery of several incriminating documents.

The CBI has registered a case against a Hyderabad-based private company for SBI loan fraud of Rs 218 crore. (File photo)

The Central Bureau of Investigation (CBI) has registered a fraud case against a Hyderabad-based company for allegedly committing bank fraud worth over Rs 218 crore. The CBI investigation and action came after the Stressed Assets Management (SAM) branch of the State Bank of India (SBI), Secunderabad filed a complaint.

It was further alleged that the defendants, in collusion with their subsidiaries and others, resorted to misappropriation of loan proceeds and over-drawing of loan proceeds by submitting inflated bills to the bank.

Searches were carried out at three locations in Hyderabad, resulting in the recovery of several incriminating documents.

The CBI has registered a case against a private company based at Ameerpet in Hyderabad of Telangana and others including its managing director, a director and unknown officials and private individuals.

The complaint alleged that the private company was initially fined around Rs 9.5 crore. A funds-based limit was established on September 14, 2007, which has been increased from time to time, depending on the borrower’s working capital requirements.

The aggregate fund-based and non-fund-based limits sanctioned at the company were around Rs 89.50 crore. The loan account was declared as (non-performing assets) NPA in March 2014 after non-payment of dues to SBI.

Out of the total limits, an amount of Rs 54.21 crore (approximately) was outstanding at the date of the NPA (30 March 2014). The said amount increased to Rs 172.71 crore (approx) as of November 30, 2019 and Rs 218.21 crore (approx) as of March 31, 2021 inclusive of interest.

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