Hyderabad: City based Nandini Industries India Private limited, represented by its promoters Haridass Ramesh and Urvashi have been booked by the Central Bureau of Investigation (CBI) in a Rs 218 crore bank fraud case.
Having its head-office in Kavuri Hills of Hyderabad, the company is engaged in exports on Turnkey and trading in Sodium Methoxide, Methanol, Ossein and other chemicals. The promoters of Nandini Industries- Haridass Ramesh and Urvashi are also directors in 22 other companies and have business dealings with two American, one Germany and two Saudi based companies.
In the year 2018, Nandini Industries - earlier known as TSS projects & Industries, took financial credit of Rs 9.05 Cr from State Bank of India. The limits were enhanced year after year. However, the company wasn't able to pay its dues forcing it to slip into Non Performing Asset (NPA). The total due stands at Rs 218 Crore.
The SBI launched an independent investigation following the government's directive to probe the fraud angle of all NPA above Rs 50 Crore. The key findings of the investigation exposed money diversion. A sum of Rs 29.29 crore of bank borrowing was diverted to TSS Exports, NuchemFZE, Trans Freight Shipping services and TSS Chemicals limited. The above companies are represented as the same promoters.
In addition to this, investigation carried out by the CBI found that the accused in collusion with their subsidiary companies & others resorted to diversion of loan proceeds and to excess drawings of loan proceeds by submitting inflated bills to the bank. An alleged loss of Rs. 218.21 crore (approx.) was caused to SBI. Searches were conducted at 3 places in Hyderabad which led to recovery of several incriminating documents" the CBI said in a statement.