Hyderabad: The sleuths of Central Bureau of Investigation have booked a Hyderabad based company Coastal Projects Limited for defrauding a consortium of banks to the tune of Rs 4736.57 Crore.The company's records indicate that it is currently under liquidation process.

A CBI's Bengaluru branch has registered a case under criminal conspiracy and cheating against Sabbineni Surendra, chairman & managing director and guarantor, Garapati Harihara Rao, managing director & guarantor, Sridhar Chandrasekharan Nivarthi-director (Finance), Sharad Kumar, director, K. Ramulu, guarantor & mortgagor, K. Anjamma, guarantor & mortgagor. Coastal Projects are engaged in civil engineering and has bagged several multi crore projects.

The investigating agencies also booked another Hyderabad based company Ravi Kailas Builders represented by its Managing Director/Director Ramesh Pasupuleti and Govind Kumar.

According to the CBI, the company directors who are accused, connived with unknown public servants and defrauded the consortium of Banks.

The company's account turned non-performing asset in 2017 while the fraud was detected in 2020. Investigation found that the 'borrower company' based in Hyderabad between 2013 and 2018 indulged in fabricating accounts, manipulated financials to show unrealizable invoked BG amounts as realizable investments. "The company falsified details of promoters' contribution, converted receivables from related parties to investments to siphon off the banks funds, cheating the SBI and other consortium member banks" CBI said.

The Bengaluru team of CBI conducted searches at the residential and official premises of the accused at Hyderabad and Vijayawada which led to recovery of several incriminating documents and other material evidences.

While the longest serving director currently on board is Sabbineni Babu Surendra who was appointed on 01 May, 1995 and has been on board for more than 25 years. The most recently appointed director is Tadimalla Veera Bhadra Durga Srinivasa Rao Venkata, who was appointed on 07 July, 2017.

Sabbineni Babu Surendra has the largest number of other directorships with a seat at a total of 9 companies. In total, the company is connected to 16 other companies through its directors.

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.

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