New Delhi: In the biggest banking scam in the country so far, the Central Bureau of Investigation (CBI) has charged a Hyderabad-based company and its directors for an alleged loan fraud of over Rs 7,926 crore.
The amount far surpasses the money swindled by fugitive diamantaire Nirav Modi (Rs 6,000 crore) and his uncle Mehul Choksi (Rs 7,080.86 crore), NDTV reported.
A CBI spokesperson said the Hyderabad company, Transstroy (India) Ltd, and its directors have defrauded a consortium led by Canara Bank of over Rs 7,926 crore.
The central agency carried out searches on the premises of the company and the accused directors on Friday, recovering incriminating documents, the spokesperson said.
The CBI has also named the company, its chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish in an FIR filed in this regard.
It was alleged that the private firm based in Hyderabad and its directors had availed credit facilities on multiple banking arrangements. The loans were misappropriated by the directors causing a loss of Rs 7,926.01 crore to the consortium members.
“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., ” the spokesperson said.
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