Hyderabad: The sleuths of Central Bureau of Investigation (CBI) have booked Hyderabad based company SEW group and its sub-contractor Prasad & Company, in an alleged Rs 107.98 crore bank fraud.
The central Investigating agency were acting on a complaint filed by Punjab National Bank against the two companies. SEW’s group’s director Sunkara Anil Kumar, Yarlagadda Venkateshwara Rao and Pudipedda Satya Murthy, have been booked for criminal conspiracy, cheating and misconduct.
During the financial year 2016, SEW Infrastructure which bagged a project from Uttar Pradesh State Highway authority, availed a term loan of Rs 300 crore from Punjab national bank ( In Total Rs 1700 Crore term loan was availed from consortium of 14 banks with PNB as lead banker).
The company (referring to SEW) however failed to maintain the time schedule of the contract and did not execute the project works (construction) allocated by Uttar Pradesh state highway authority (UPSHA).
Subsequently the UPSHA terminated their agreement with SEW resulting in them not paying back the loan amount to the bank.
Independent forensic audit conducted by PNB found that, the company diverted funds availed for the project. ‘The accused delayed the project, diverted the company and again routed the money back to the group. The directors of the suspect companies cheated the bank. They entered into an unofficial agreement with the bank officials and committed the fraud resulting in the bank suffering a loss Rs 107. Crore” the investigation revealed.
CBI booked include SEW LSY Highway Limited, its promoters SEW Infrastructure and Prasad & Company (project works ). The directors Sunkara Anil Kumar, Yarlagadda Venkateshwara Rao and Pudipedda Satya Murthy. have been booked under section 120-B r/w, 420 of IPC and 13 (1) (d) of PC Act.