Hyderabad: Central Bureau of Investigation (CBI) has booked Hyderabad-based Nidhi Biotech Private Limited for causing loss of Rs 6 Crore to State Bank of India.
The company Nidhi Biotech, which is engaged in trading of seeds and other Agri products, is represented by directors Janga Srinivasa Reddy and Billa Lakshmi Shilpa.
The investigating agency was acting on a complaint filed by the assistant general manager of SBI, Secunderabad branch. The crime dates back to 2017.
According to the complainant, the company availed a loan of Rs 6 crore for working capital. The directors offered non-existing immovable properties (land) situated at Bacharam village in Ranga Reddy, as collateral.
Out of the loan security, the bank found that the land titles of the property are not traceable. An independent ground inspection carried out by the bankers also found the company had no stock of material and they did not have a proper record of the trading. The bankers found foul play by the company.