Updated Dec 19, 2020 | 13:53 IST
Nirav Modi owes Rs 7,700 crore to India s banks. The Hyderabad company committed a fraud of Rs 7,926 crore. Amount bigger than Nirav Modi s cheated by Hyderabad company from banks | Photo Credit: PTI
Hyderabad: A Hyderabad company has been accused of a loan fraud by the CBI. They have filed a case against Transstroy India Ltd for cheating multiple banks of almost Rs 8,000 crore, according to officials.
The amount involved in the fraud is higher than what the infamous Nirav Modi owes to banks in the country, according to people who know about the ensuing developments. Nirav Modi is facing extradition charges and is lodged in a UK jail.
CBI raids several locations in 2 separate bank fraud cases worth Rs 8,200 cr
Sat, Dec 19 2020 08:14:09 AM
New Delhi, Dec 19 (IANS): The Central Bureau of Investigation (CBI) has filed cases against a Hyderabad-based company, Transstroy (India) Ltd, for allegedly cheating a consortium of banks of Rs 7,926 crore, and against a Chennai based company for cheating the bank to the tune of Rs 313.79 crore, officials said on Friday.
According to officials, fugitive diamantaire Nirav Modi, who is currently lodged in a UK jail and is facing extradition charges, is wanted in the Punjab National Bank fraud case for cheating the bank to the tune of Rs 7,700 crore.
Transstroy, ex-TDP MP Rayapati Sambasiva Rao in CBI net for Rs 7,926 crore bank fraud
In its FIR, the CBI has named the company, its CMD Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish as accused.
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VIJAYAWADA: In a major banking scam, post-Nirav Modi’s, the Central Bureau of Investigation booked Hyderabad-based Transstroy (India) Ltd, its promoter and former TDP MP Rayapati Sambasiva Rao for an alleged bank fraud of Rs 7926.01 crore in a consortium, led by Union Bank of India.
Transstroy (India) Ltd was engaged in execution of irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project, in Andhra Pradesh, through a joint venture firm.
Canara Bank s exposure to Transstroy India is Rs 678.28 cr
By IANS |
Published on
Sun, Dec 20 2020 1:15 IST |
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New Delhi: People wait for Canara Bank to open during the extended nationwide lockdown imposed to mitigate the spread of COVID-19 pandemic, in New Delhi on Apr 15, 2020. . Image Source: IANS News
New Delhi, Dec 19 : A day after the Central Bureau of Investigation (CBI) filed a case against Hyderabad-based company Transstroy (India) Ltd for allegedly cheating a consortium of banks of Rs 7,926 crore, the Canara Bank clarified that it has an exposure of Rs 678.28 crore in the accused company.
In a statement, the Canara Bank said, The bank clarifies that it has an exposure of Rs.678.28 crore in the account of Transstroy India Ltd, reported as fraud to RBI on February 10 this year where 100 per cent provision has been made in the account.
“It was alleged that the private firm based at Hyderabad and its directors had availed credit facilities on multiple banking arrangements. The consortium was formed with other banks, led by Canara Bank. It was alleged that the accused had involved in falsification of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds etc. It was also alleged that the accused misappropriated the bank’s funds, diverted the loan amount sanctioned by the banks, and caused a loss of Rs 7,926.01 crore to Canara Bank and other member banks,” CBI spokesperson RK Gaur said.
The alleged fraud was reported to CBI after the firm’s account became a non-performing asset.