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CBI books Transstroy (India) Ltd for ₹7,926-cr bank fraud

The CBI has booked Hyderabad-based Transstroy (India) Ltd and its directors for alleged bank fraud of over ₹7,926 crore in a consortium led by Canara Bank, in the biggest banking scam in the country so far surpassing the amount misappropriated by diamantaire Nirav Modi, as per the officials .

 

The former Telugu Desam Party (TDP) MP Rayapati Sambasiva Rao and many others are connected in the connection with a bank fraud case.

 

The company’s chairman-cum-managing director Cherukuri Sridhar; Mr. Rao, its additional director; and another additional director, Akkineni Satish. The FIR has been registered on a complaint from the Canara Bank, leader of a consortium of lenders.

 

The company had taken credit facilities on multiple banking arrangements. According to the bank, the accused persons fabricated the books of accounts, fudged stock statements, tampered with balance sheets and indulged in round tripping and diversion of funds. Searches were conducted on the premises of private company/other accused in Hyderabad and Guntur,” said a CBI official.

 

the agency carried out searches in another case against Agnite Education Limited, its chairman, K. Balasubramaniam, and director, K. Padmanabhan. They have been accused of cheating the State Bank of India of about ₹313.79 crore.