Hyderabad: The CBI has registered bank fraud case to the tune of Rs 7,926.01 crore on Friday, the biggest so far in India, against the Hyderabad-based Transstroy India Ltd of former MP Rayapati Sambasiva Rao.
The CBI booked Transstroy’s CMD Cherukuri Sridhar, additional directors Sambasiva Rao and Akkineni Satish, among others on a complaint filed by Canara Bank.
Searches were conducted at the premises of Transtroy and the accused at Hyderabad and Guntur, which led to recovery of incriminating documents, the CBI stated.
“It was alleged that the private firm based at Hyderabad and its directors had availed credit facilities on multiple banking arrangements. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round tripping of funds etc," the CBI said.
The accused misappropriated bank funds and allegedly diverted the loan amount sanctioned by the banks and caused loss of approximately Rs 7,926.01 crore to Canara Bank and other member banks. The account had become a non-performing asset and the fraud was reported.
According to the CBI, diamantaire Nirav Modi had allegedly siphoned off Rs 6,000 crore while his uncle Mehul Choksi had swindled Rs 7,080.86 crore.
