Hyderabad: Totem infrastructure's directors, promoters chargesheeted
The company had obtained loans between 2005 and 2012. The Union Bank of India had lodged a complaint with the CBI on January 31.
Hyderabad: The Central Bureau of Investigation has filed a chargesheet against promoters and directors of Totem Infrastructure Limited, a Hyderabad-based private infrastructure company, for allegedly causing a loss of Rs 313.84 crore to Union Bank of India.
The CBI has named company promoter and director Tottempudi Saliath and another director, T. Kavita. The CBI had in March registered a case under Sections 120 B, 420, 468, 471 of Indian Penal Code and various sections of the Prevention of Corruption Act 1988.
The company had obtained loans between 2005 and 2012. The Union Bank of India had lodged a complaint with the CBI on January 31.
The CBI alleged that during the investigation it was revealed that the company’s directors had fraudulently availed of excessive credit facilities by manipulating its financial statements.
The money was utilised for other activities and diverted to various other companies not having business related activities for which the loan was advanced.
A loss of about Rs 313.84 crore was allegedly caused to the Union Bank of India. The accused were arrested on January 23 and are in judicial custody.