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CBI books firm for Rs 4,736 crore loss to SBI consortium

The Central Bureau of Investigation (CBI) on Saturday said it has registered a case against a Hyderabad-based company, including its Chairman and Managing Director and Guarantor, Managing Director and Guarantor, and other directors for defrauding State Bank of India-led consortium of banks to the tune of Rs 4,736.57 crore, and carried out searches at several locations.

CBI books firm for Rs 4,736 crore loss to SBI consortium

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  10 Jan 2021 5:22 AM GMT

NEW DELHI: The Central Bureau of Investigation (CBI) on Saturday said it has registered a case against a Hyderabad-based company, including its Chairman and Managing Director and Guarantor, Managing Director and Guarantor, and other directors for defrauding State Bank of India-led consortium of banks to the tune of Rs 4,736.57 crore, and carried out searches at several locations.

A CBI official here said that it booked Coastal Projects Ltd based at Hyderabad, its Chairman and Managing Director and guarantor Sabbineni Surendra, MD and guarantor Garapati Harihara Rao, Whole-Time Director and Director Finance Sridhar Chandrasekharan Nivarthi, Whole-Time Director Sharad Kumar, Guarantor and Mortgagor A.K. Ramulu, K. Anjamma, Ravi Kailas Builders Pvt Ltd represented by its Managing Director/Director Ramesh Pasupuleti and Govind Kumar Inani and unknown public servants and others.

The official said that the agency registered a case on a complaint from State Bank of India on behalf of other member banks — IDBI Bank, Canara Bank, BOB, BOM, PNB, UBI, EXIM Bank — for causing an alleged loss of Rs 4,736.57 crore to the banks.

The official said that the bank in its complaint alleged that the accused in connivance with unknown public servants and others defrauded the consortium of banks. (IANS)

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