The CBI on Thursday registered a case against Hyderabad-based Totem Infrastructure and its promoters for "cheating" Union Bank of India to the tune of Rs 313.84 crore.
After registering the case, searches were conducted at two places in Hyderabad, including at the residence and office of the accused and the company. The complaint was filed by the Union Bank of India on behalf of a consortium of banks.
The Banjara Hills-based firm was engaged in road projects, water works, building structures and also undertook works as a sub contractor to various companies.
According to a CBI statement, Totem Infrastructure was banking with a consortium of eight banks and the total dues as on date to the consortium stand at Rs 1,394.43 crore.
The company's account became non-performing asset on June 30, 2012, on default of payments of interests and instalments.
"It was alleged that the private company had diverted the funds by opening accounts outside the consortium and through payments of wages by showing excess expenditure and huge stocks. The entire sale proceeds were not allegedly routed through the dealing branches of consortium banks," the statement said.
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