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.

Coreena Suares

Coreena Enet Suares is the Editor of NewsMeter. Her stories have been published in the Deccan Chronicle Newspaper and the Asian Age. Coreena began her career as a News Anchor. Throughout her journey, she has been able to build a strong network with people from all walks of life. She is an alumnus of Edward R. Murrow Program for Journalists- Research and Investigation, a flagship initiative of the International Visitor Leadership Program (IVLP) Coreena is also a certified fact-checker by Google India Initiative. She has attended the 'Defence Correspondents Course 2019, through which she visited Indo- Pak border, besides traveling on a War-ship and insight into operations of Fighter aircraft. Coreena's focus areas are anti-crime investigation agencies and Defence reporting. You can follow Coreena on [email protected]

Next Story