HYDERABAD: The Central Bureau of Investigation has booked a Hyderabad-based company in connection with a SBI loan fraud involving Rs 218 crore.
CBI sleuths conducted searches on Nandini Industries Private Ltd. The searches were conducted at three places in Hyderabad which led to recovery of several incriminating documents, said the CBI.
Nandini MD Haridass Ramesh, director Urvashi Ramesh and unidentified public servants were named as accused in the case. The case was filed following a complaint by SBI, Secunderabad branch.
SBI sanctioned Rs 9.5 crore fund-based limit loan in July 2007, which was enhanced from time to time based on the working capital requirements of the borrower.
The total fund-based and non-fund based limits sanctioned to the company were Rs 89.5 crore.
The loan account was declared as an NPA in March 2014 due to non-payment of dues to the SBI. Out of the total limits, Rs 54.2 crore was outstanding as on March 2014. The amount increased to Rs 218.2 crore as on March 2021, including interest.
“The accused firm in collusion with its subsidiary companies and others resorted to diversion of loan proceeds and to excess drawings of loan proceeds by submitting inflated invoices to the bank,” the CBI said.
