CBI sources said the case was registered againstK Srinivas Kalyan Rao, who is the Managing Director of Chennai- based Best and Crompton Engineering Projects Ltd, under IPC sections related to criminal conspiracy, cheating and forgery, among others.
They said the agency had yesterday carried out searches in Hyderabad and Chennai in connection with the case.
An email for obtaining the company's reaction sent to an ID mentioned on its website, meanwhile, went unanswered.
Central Bank of India, which has an exposure of Rs 124 crore, had approached CBI with a complaint on the basis of which the case was registered.
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