Hyderabad: The sleuths of Crime Bureau of Investigation have booked Guntur based Ind Tob International private limited, represented by Tadisetty Venkata Rao in a Rs 19.28 crore bank fraud case. The investigating agency was acting based on a complaint filed by officials of State Bank of India- commercial branch in Guntur.
Engaged in trading of tobacco, Ind Tob International Private limited was incorporated in 2009. It was established with a primary aim to supply tobacco to mother company Ethnic Tobacco India Limited (ETIL) which is engaged in export and trading of tobacco.
Further, Ind Tob International availed credit facilities from the State Bank of India to an extent of Rs 43.29 crore. Investigation revealed that the company submitted inflated statements and transferred the funds to other accounts of directors. This has caused the bank a total loss of Rs 19.28 crore.
The CBI booked Ind Tob International Pvt Limited, its managing director Tadisetty Venkata Rao, director Tadisetty Murali Mohan under section 13 (2)r/w 13 (1) (a) of Prevention of Corruption Act.