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CBI files charge sheet against Hyderabad-based firm in bank fraud case

Press Trust of India  |  New Delhi 

The today filed a charge sheet against Hyderabad-based and its directors for allegedly defaulting on a Rs 313.84-crore loan from of India which was part of a Rs 1,394-crore loan given by a consortium of eight banks, officials said.

In its charge sheet filed in a special court in Hyderabad, the agency charged the company, a for railway construction works and other infrastructure projects, and its directors and with criminal conspiracy and cheating, they said.

said a probe found that the company and its directors allegedly availed credit facilities between 2005 and 2012 by manipulating its financial statements.

They allegedly utilised the money for personal gains by diverting the same to various other companies not having business-related activities for which the loan was advanced, he said.

"An alleged loss of Rs. 313.84 crore was caused to of India. The accused were arrested on March 23 and are in judicial custody," Dayal said.

He said the company figured in the list of the biggest tax defaulters released by the Income Tax department in 2015 with an outstanding tax of over Rs 400 crore.

In its complaint to the CBI, the had alleged that the promoters were untraceable but the agency said its tracked them down at their new place of residence and arrested them.

The bank has said that the loans given to the company had become non-performing assets in June 2012.

It also said the total dues of the firm towards the consortium allegedly stood at Rs 1394.43 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 19:55 IST