The CBI has booked the Chairman-cum-Managing Director of a Hyderabad-based private company and eight others for allegedly cheating the State Bank of India to the tune of over Rs 65 crore, officials said.
The agency has registered the FIR against the company, its Chairman-cum-Managing Director Narendra Kumar Patel, and eight others including the Directors of the company, they said.
It was alleged that the company Jay Ambe Gowri Chem Ltd was banking with the SBI since 2009 which took over the credit facilities then provided by Axis Bank.
"The credit facilities included Cash Credit, Term Loan and Letter of Credit. This account became NPA on April 30, 2014 and was subsequently declared as fraud and reported to RBI in October, 2016," the CBI Spokesperson said today.
The agency has recently carried out searches in connection with the case, he said.
"It was further alleged that the company had removed the stocks without the consent of the bank; the claims over the properties given as collateral were disputed; there was diversion of funds and there were heavy cash deposits and withdrawals," he said.
He said the loan default had allegedly caused a loss of Rs 65.35 crore to the bank.
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