Hyderabad: The sleuths of Central Bureau of Investigation (CBI) has booked Hyderabad based Infra company IVRCL Limited, in a Rs 4837 Crore bank fraud case.
The investigating agency has registered a case under cheating and criminal conspiracy against E. Sudhir Reddy, Managing Director and R Balarami Reddy, Joint Managing Director of the company for siphoning loan money. The company has engaged in multi-crore projects connected to Water Supply & Environment Projects, Oil & Gas Projects, Transportation, Power & Transmission Projects, Power Generation, Building & Industrial Structures, Mining, and Industrial Plant.
Acting on a complaint filed by the State Bank of India, Hyderabad the investigating agency conducted searches against properties owned by IVRCL.
It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of Rs. 4837 crore (approx.).
The Forensic Audit Report conducted by the bank revealed that the Infra company made payments to related parties through Life Insurances, without recording any purchase transactions in the books & routed the funds to the account of the company and thereby misappropriated the bank funds.
CBI conducted searches at the residential and official premises of the accused at Hyderabad which led to recovery of several incriminating documents.