The CBI has booked Hyderabad-based Coastal Projects Ltd and its directors in connection with over ₹4,736 crore bank fraud in a consortium of banks led by the State Bank of India, officials said on Saturday.
SBI filed complaint on behalf of other bank’s
The official said that the agency registered a case on a complaint from State Bank of India on behalf of other member banks — IDBI Bank, Canara Bank, BOB, BOM, PNB, UBI, EXIM Bank.
Complaint filed by SBI
SBI’s complaint has alleged that the accused company, in connivance with unknown public servants, defrauded a consortium of banks including SBI, IDBI, Canara Bank, Bank of Baroda, Punjab National Bank, UBI and EXIM Bank.
M/S Coastal Projects’ account became an NPA on 25 January 2017, with retrospective effect from 28 October 2013, and was reported as a fraud on 20 February 2020.
CBI commented
The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five-year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments.
The company also allegedly gave wrong information on promoters’ contribution, converted receivables from related parties to investments to siphon off bank funds.” spokesperson R C Joshi said.
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