The CBI has registered a case against Hyderabad-based Transstroy (India) Ltd for alleged bank fraud estimated at more than ₹7,926 crore.As per the reports, the amount involved in the fraud is even higher than what Nirav Modi owes to banks in India. He owes approx Rs 7,700 crore to Indian banks.
Transstroy is now under liquidation process as per an order by National Company Law Tribunal in September 2019. Apart from Transstroy and its CMD Cherukuri Shridhar Sridhar, the CBI has named as accused Rayapati Sambasiva Rao and Akkineni Sathish in the FIR registered at its Bengaluru unit.
The raids were carried out in Hyderabad and Guntur at the bases of accused persons and seized documents linked to the fraud, officials said.CBI spokesperson RK Gaur said that Transstroy had availed credit facilities on multiple banking arrangements from a consortium formed with other banks led by Canara Bank.
RK Gaur further said that the accused misappropriated bank’s funds and diverted the loan amount sanctioned by the banks and caused a loss of Rs 7926.01 crore to Canara Bank and other member banks. The account had become NPA (non-performing asset) and the fraud was reported.
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