Today, Transstroy (India) Ltd and its directors have been booked by CBI for alleged bank fraud of over ₹7,926 crore in a consortium led by Canara Bank.
The alleged Hyderabad based entity and its directors had availed credit facilities on multiple banking arrangements. They are said to have done the biggest banking scam in the country so far surpassing the amount misappropriated by Nirav Modi.
The agency carried out searches at the premises of the company and the accused directors which led to the recovery of incriminating documents.
Chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish are listed by CBI in the FIR.
CBI spokesperson R K Gaur said, “The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round tripping of funds, etc.”
The Central Bureau of Investigation (CBI) has alleged that loans were misappropriated by the directors causing a loss of ₹7,926.01 crore to the consortium members.