The Central Bureau of Investigation (CBI) on Friday conducted searches against Hyderabad-based Transstroy (India) Limited, former Telugu Desam Party (TDP) MP Rayapati Sambasiva Rao and others in connection with a bank fraud case involving ₹7,926 crore.
Among those named as accused in the case are the company’s chairman-cum-managing director Cherukuri Sridhar; Mr. Rao, its additional director; and another additional director, Akkineni Satish. The FIR has been registered on a complaint from the Canara Bank, leader of a consortium of lenders.
The company had taken credit facilities on multiple banking arrangements. According to the bank, the accused persons fabricated the books of accounts, fudged stock statements, tampered with balance sheets and indulged in round tripping and diversion of funds.
“Searches were conducted on the premises of private company/other accused in Hyderabad and Guntur,” said a CBI official.
On Friday, the agency carried out searches in another case against Agnite Education Limited, its chairman, K. Balasubramaniam, and director, K. Padmanabhan. They have been accused of cheating the State Bank of India of about ₹313.79 crore.
In yet another case, the agency has booked Varia Engineering Works Private Limited, Himanshu Prafulchandra Varia, Sejal H. Varia, Krish Tech-con Private Limited for allegedly cheating a consortium of seven banks to the tune of ₹452.62 crore.
Two other bank fraud cases have been instituted against Agarwal Industries Private Limited and others, for allegedly cheating the erstwhile Allahabad Bank of over ₹200 crore; and Gopala Polyplast Limited and others for allegedly cheating e-Dena Bank of ₹72.55 crore.
