Hyderabad: The Central Bureau of Investigation have booked Kushaiguda-based Kadevi Industries represented by MBS Purshotham, Surya Prabhakar, and Sailaja for duping the State Bank of India to the tune of Rs 104 crore.
The investigating agency was acting on a complaint filed by SBI, Secunderabad branch. The CBI booked Kadevi industries engaged in manufacturing and supply of antennas and aerial masts and its chairman, Purshotham, MD, Surya Prabhakar, Director, Sallaja, and others.
During 2013 to 2016, the company availed a loan from SBH (now merged with State bank of India) by submitting false and fabricated documents. The promoters diverted the loan money for other business activities and personal gain. The company submitted false stock and book debt statements to the bank to conceal their irregularities and caused a loss of Rs 104.03 crore.
The fraud surfaced when an independent forensic audit was conducted. The audit concluded that the company defrauded a consortium of banks to the tune of Rs 156.63 crore by devolvement of LCs opened on the firm. It availed loans from four banks.
The CBI based on a complaint booked cases under Section 471, 477 (a) and 120 B r/w of the Indian Penal Code and 13(2) r/w 13 (1) (d) of the Prevention of Corruption Act.