The Central Bureau of Investigation (CBI) has registered two separate cases related to bank fraud to the tune of Rs. 7926.01 crore (approx.) and Rs.313.79 crore (approx).
The first case has been registered against a Hyderabad-based private company and others including its CMD, Additional Directors, unknown public servants and others on a complaint from Canara Bank.
The CBI has named the company, its chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish in the FIR.
It was alleged that the private firm based at Hyderabad and its directors had availed credit facilities on multiple banking arrangements.
The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds, etc.
It was also alleged that the accused misappropriated bank’s funds and diverted the loan amount sanctioned by the banks, causing a loss of Rs. 7926.01 crore (approx.) to Canara Bank and other member banks.
The account had become NPA and the fraud was reported.
The agency carried out searches at the premises of the company and the accused directors which led to the recovery of incriminating documents, its spokesperson said in a statement.