The Indian Wire » Business » Hyderabad firm booked by CBRI for fraud of Rs 1,394 Crore

Hyderabad firm booked by CBRI for fraud of Rs 1,394 Crore

After the Punjab National Bank scam, the CBI has continued its action against the bank defaulters on Thursday after there was a new case registered of bank fraud against the Hyderabad-based construction firm Totem Infrastructure Limited and its directors who are said to be missing, and have been accused of cheating a conglomerate of eight banks of Rs. 1,394 Crore. After receiving a complaint from the lead bank of the consortium i.e. Union Bank of India, the central agency issued lookout circulars against the directors of the company with the names Tottempudi Salalith and Tottempudi Kavitha to prevent them from leaving the country.

Though the bank claimed that the promoters/directors of the company could not be traced, the CBI sources have said that they are all present in Hyderabad. Searches were carried out in two places in Hyderabad by the CBI teams including the office of the company. Sources state that the company lies in the list of the biggest tax defaulters which was released by the income tax department in 2015 with an outstanding tax amount of Rs. 400 Crore. IT department had also announced a reward the same year of up to Rs. 15 Lakh for any information on the directors of the company or any other defaulters in the list.

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