Hyderabad: The Central Bureau of Investigation (CBI) has booked a case against three city-based companies and three persons for allegedly siphoning and diverting funds to the tune of Rs.107.98 crore.
Apart from the three companies, all located at Greenlands in Begumpet, the CBI registered the case against three persons under Section 120B (Criminal Conspiracy) read with 420 (Cheating) of Indian Penal Code (IPC) along with the provisions of Prevention of Corruption (PC) Act, according to the CBI’s FIR.
The case was registered based on a complaint lodged by Punjab National Bank (PNB) Deputy General Manager Sardeshpande Vinayaka Krishna, stating that the companies and their directors availed financial credit limits by way of term loan of Rs.300 crore from the PNB.
During implementation of the project, they failed to maintain the time schedule of the contract and execute the construction in accordance with the contract awarded by Uttar Pradesh State Highways Authority (UPSHA).
The UPSHA terminated the concession agreement with the company which did not repay the interest and the account was declared as Non-Performing Asset with an outstanding amount of Rs.107.98 crore, the FIR said, adding that a forensic audit by the bank found unexplained diversion of bank funds.
The funds extended for the project were routed back to a group of entity accounts, the FIR added.