<p>The Central Bureau of Investigation has registered a case of bank fraud to the tune of Rs 7,926 crore on the Hyderabad based Transstroy (India) Limited.</p>.<p>The alleged swindling is said to be one of the biggest banking scams in the country, compared to the embezzlement by diamantaires Nirav Modi and Mehul Choksi.</p>.<p>The CBI case was registered against Transstroy's CMD Cherukuri Sridhar, and additional directors Rayapati Sambasiva Rao, Akkineni Satish based on a complaint from the Canara Bank.</p>.<p>Rayapati, hailing from Guntur in Andhra Pradesh, is a former Lok Sabha MP.</p>.<p>Transstroy was earlier involved in the execution of the Polavaram project on river Godavari.</p>.<p>The allegation against the infra firm and its directors is that they availed credit facilities on multiple banking arrangements.</p>.<p>“The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had been involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds etc,” the CBI said in a statement on Friday.</p>.<p>The CBI has conducted searches at the premises of the private company and the accused persons in Hyderabad and Guntur, “which led to recovery of incriminating documents.”</p>.<p>“It was also alleged that the accused have misappropriated bank’s funds and diverted the loan amount sanctioned by the banks and caused a loss of Rs 7926.01 crore approximately to Canara Bank and other member banks,” the central investigative agency said.</p>.<p>CBI stated that the account had become an NPA and the fraud was reported. “Investigation in the case is going on,” CBI officials said.</p>.<p>According to the Transstroy website, the National Company Law Tribunal, Hyderabad bench had ordered the commencement of the corporate insolvency resolution process against the company from October 2018.</p>.<p>Transstroy states Cherukuri as the “overall in charge of corporate affairs and finance” and that his “competent leadership and industry network have transformed the company from a small proprietary business into a professionally managed entity with a brand value in the infrastructure sector in India.”</p>
<p>The Central Bureau of Investigation has registered a case of bank fraud to the tune of Rs 7,926 crore on the Hyderabad based Transstroy (India) Limited.</p>.<p>The alleged swindling is said to be one of the biggest banking scams in the country, compared to the embezzlement by diamantaires Nirav Modi and Mehul Choksi.</p>.<p>The CBI case was registered against Transstroy's CMD Cherukuri Sridhar, and additional directors Rayapati Sambasiva Rao, Akkineni Satish based on a complaint from the Canara Bank.</p>.<p>Rayapati, hailing from Guntur in Andhra Pradesh, is a former Lok Sabha MP.</p>.<p>Transstroy was earlier involved in the execution of the Polavaram project on river Godavari.</p>.<p>The allegation against the infra firm and its directors is that they availed credit facilities on multiple banking arrangements.</p>.<p>“The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had been involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds etc,” the CBI said in a statement on Friday.</p>.<p>The CBI has conducted searches at the premises of the private company and the accused persons in Hyderabad and Guntur, “which led to recovery of incriminating documents.”</p>.<p>“It was also alleged that the accused have misappropriated bank’s funds and diverted the loan amount sanctioned by the banks and caused a loss of Rs 7926.01 crore approximately to Canara Bank and other member banks,” the central investigative agency said.</p>.<p>CBI stated that the account had become an NPA and the fraud was reported. “Investigation in the case is going on,” CBI officials said.</p>.<p>According to the Transstroy website, the National Company Law Tribunal, Hyderabad bench had ordered the commencement of the corporate insolvency resolution process against the company from October 2018.</p>.<p>Transstroy states Cherukuri as the “overall in charge of corporate affairs and finance” and that his “competent leadership and industry network have transformed the company from a small proprietary business into a professionally managed entity with a brand value in the infrastructure sector in India.”</p>
