Hyderabad: The Central Bureau of Investigation (CBI) has registered a case against city-based IVRCL Limited and others including its Managing Director, Joint Managing Director, unknown public servants and others for defrauding a consortium of Public Sector Banks (PSBs) to the tune of approximately Rs 4,837 crore.
The case was booked based on a complaint lodged by the State Bank of India (SBI) here. It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of PSBs, consisting of SBI, IDBI, Canara Bank, Andhra Bank, Corporation Bank, Exim Bank, Punjab and Sind Bank and Union Bank of India and caused a loss of Rs 4,837 crore.
It was further alleged that the borrower company represented by its Directors had availed various credit limits from the consortium of banks led by SBI and cheated them without repaying the loan amount, according to a press release. As per forensic audit report, the company made payments to related parties through LCs, without recording any purchase transactions in the books and routed funds to the account of the company and thereby misappropriated the bank funds. Searches were conducted on Wednesday at the residential and official premises of the accused in Hyderabad leading to recovery of several incriminating documents. Investigation is on.