CBI books Hyd based Kasukurthi Sujatha Constructions for Rs 137.36 Cr bank fraud

The sleuths of Central Bureau of Investigation have booked Hyderabad based construction company namely Kasukurthi Sujatha Constructions Private Limited in an alleged Rs 137.36 crore bank loan fraud.

By Newsmeter Network  Published on  9 Dec 2020 10:22 AM GMT
CBI books Hyd based Kasukurthi Sujatha Constructions for Rs 137.36 Cr bank fraud

Hyderabad: The sleuths of Central Bureau of Investigation have booked Hyderabad based construction company namely Kasukurthi Sujatha Constructions Private Limited in an alleged Rs 137.36 crore bank loan fraud.

The investigation agency was acting upon a complaint filed by Allahabad Bank, Industry Finance Branch located in Ameerpet, Hyderabad. The investigation found that the construction company represented by its Managing Director K Jagan Mohan Rao and Directors K Sujatha, K Rajesh, K Radhika and K Mounika connived in a criminal conspiracy availing loan on the basis of false and fabricated financial statements.

It is alleged that the company director diverted the loan fund for personal gain. They also submitted false stock statements to the Bank to conceal their irregularities that caused the bank a loss of Rs 137.36 crore.

The CBI have booked them under section 120B, 420, 471 and 477-A of IPC. They also booked them under section 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 for forgery, criminal conspiracy, cheating, criminal misconduct and others.

The Indian Bank(erstwhile Allahabad Bank) lodged a complaint on November 11. The company took the loan in 2014.



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