HYDERABAD: The Central Bureau of Investigation carried out searches at several places in the city after registering a case against Hyderabad- based company M/s Totem Infrastructure Limited for duping a consortium of eight banks including Union Bank of India (UBI) to the tune of Rs 1,394 crore. The UBI named the promoters or directors, Tottempudi Salaith and Tottempudi Kavita, in the complaint made to the CBI.
The Union Bank of India had filed a complaint with the Central Bureau of Investigation alleging that the company, its directors and promoters, had duped the bank along with a few other banks to the tune of Rs 313.84 crore. The Union Bank of India is part of a consortium of eight banks. The company, according to the compliant, has a total outstanding of Rs 1394.43 and the account became a Non Performing Asset in June 2012.
The Union Bank of India further alleged that the company had diverted funds by opening accounts outside the consortium, misrepresented their accounts to the banks, and diverted the funds through wages, excess expenditure and stocks. Teams of the Central Bureau of Investigation had carried out searches at various places including the houses and offices of the promoters and developers of the company.
Totem Infra was engaged in road projects, water works and infrastructure. It took sub contracts from several big companies of international repute too. Earlier there were reports that the promoters and directors of the company had left the country before the CBI sleuths could question them. However, sources said that the searches were conducted in various places in the presence of the respondents in the case.
