Hyderabad-based Maytas Infra has filed a criminal case against Vedanta Aluminium and its eight employees for fraudulently encashing the bank guarantees provided by Maytas to the tune of Rs 47 crore, Maytas said in a statement to the Bombay Stock Exchange today.
The cash has been filed under sections of 403, 406 and 420 of Indian Penal Code for criminal breach of trusts, cheating and criminal conspiracy with the City Criminal Court in Hyderabad, the company said.
The bank guarantee from various banks including ICICI, Axis and IDBI were submitted as mobilisation advance and performance guarantees which were encashed without terminating the contract, it said.