Hyderabad: Yet another bank fraud has come to light, with the Central Bureau of Investigation (CBI) on Thursday filed a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore, reported ANI.
A CBI team also carried out raids at several places here after filing the FIR against the firm and its Promoters and Directors Tottempudi Salalith and his wife Tottempudi Kavita.
The CBI filed the case on the basis of a complaint filed by UBI which was cheated of Rs 303.84 crore by the firm, reported ANI.
"Loan was taken from a consortium of eight banks including UBI which was the lead bank. Total dues outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012, after loan and interest payment default," a CBI official was quoted as saying to IANS.
Totem Infrastructure was in the business of road projects, waterworks, and building construction.
It is alleged that funds were diverted and expenditure was inflated, the official said.
On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).
Currently, the central investigating agency is questioning the director and promoter. However, reports claimed that the agency managed to trace the director and promoter after they were believed to be absconding, according to Times Now. The company undertakes road projects, waterworks and building construction.
Meanwhile, this comes after reports of about Rs 12,700-crore fraud at the country's second largest state-run lender Punjab National Bank.
(With agency inputs)