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CBI books IVRCL in Rs 4,837 cr-bank fraud after extensive searches

The Hyderabad-based firm is under liquidation following an NCLT order in 2019, brought on by mounting debts and defaults

Tamil Nadu has borrowed close to a massive Rs 40,000 crore in four-and-a-half months, compared to Rs 17,000 crore last year

Other people named in CBI’s first information report include R Balarami Reddy, who is a joint managing director of the company and few bankers.

Shrimi Choudhary New Delhi
The Central Bureau or Investigation (CBI) on Wednesday filed a corruption case against debt-laden IVRCL, a listed firm, its managing director Sudhir Reddy and others for an alleged bank fraud of over Rs 4,837 crore, in a consortium led by State Bank of India. 

The Hyderabad-based firm, which had executed major projects across the country, is under liquidation due to mounting debts and defaults. In July 2019, National Company Law Tribunal ordered liquidation after the revival plan failed.  

The federal agency has conducted searches since Wednesday morning at the residential and official premises of the directors of IVRCL at Hyderabad

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First Published: Dec 30 2020 | 9:21 PM IST

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