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  1. No end to Nirav Modi like cases? Another bank fraud is here, this time from Hyderabad

No end to Nirav Modi like cases? Another bank fraud is here, this time from Hyderabad

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.

By: | Hyderabad | Published: March 22, 2018 8:02 PM
nirav modi fraud, nirav modi cheat case, nirav modi, hyderabad bank fraud, nirav modi bank fraud, totem infrastructure, union bank of india, CBI Yet another bank fraud has come to light, with the CBI filing 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. (PTI)

Yet another bank fraud has come to light, with the CBI filing 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. A Central Bureau of Investigation (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.

“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 said. Totem Infrastructure was in the business of road projects, water works 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).

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