Hyderabad: The sleuths of Central Bureau of Investigation have booked a case against directors of Hyderabad based Elite Infra Projects private limited company for allegedly diverting funds to the tune of Rs 26 Crore.
The CBI, Hyderabad branch have registered a case against directors B Nagi Reddy and B. Narsimha Reddy under 120 B, 420, 406 (criminal conspiracy, cheating, criminal breach) of the Indian Penal Code and 13 (2) r/w 13 (1) (d) of Prevention of Corruption Act.
The Elite Infra Project company established in '2009 at Jubilee Hills, Hyderabad are engaged in civil construction/ infrastructure projects like road constructions, bridges and excavations. The directors in 2012 had applied for a loan of Rs 5 crore from Bank of Maharastra and subsequently in the same year, the cash credit was enhanced by Rs 13.50 Crore. Two years later, it was further enhanced to Rs 15.50 crore.
The Investigators found that, the directors of the company have entered into a criminal conspiracy with unknown persons of the banks and defrauded the bank intentionally and availed credit facilities by mortgaging the properties having no proper title. “The company had misappropriated the funds and cheated the bank to the tune of Rs 26.86 crore’ CBI said.