The CBI has booked Hyderabad-based Transstroy (India) Ltd and its directors for alleged bank fraud of over ₹7,926 crore in a consortium led by Canara Bank, in the biggest banking scam in the country so far surpassing the amount misappropriated by diamantaire Nirav Modi, officials said on Friday.
The agency carried out searches at the premises of the company and the accused directors which led to the recovery of incriminating documents, its spokesperson said in a statement.
The CBI has named the company, its chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish in the FIR.
Transstroy (India) Ltd was engaged in execution of irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project, in Andhra Pradesh, through a joint venture firm.
It was alleged that the private firm based in Hyderabad and its directors had availed credit facilities on multiple banking arrangements.
“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.,” CBI spokesperson R K Gaur said.
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.
“Searches were conducted at the premises of private company/other accused at Hyderabad and Guntur, which led to recovery of incriminating documents,” Gaur said.
According to the CBI, Nirav Modi had allegedly siphoned off ₹6,000 crore while his uncle Mehul Choksi had swindled ₹7,080.86 crore.