CBI books Hyderabad-based infra firm IVRCL, its MD for alleged bank fraud of Rs 4837cr
NEW DELHI: The CBI on Wednesday carried out searches at the premises of infrastructure firm IVRCL, its Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy who have been booked by the agency for an alleged fraud worth over Rs 4,800 crore against a consortium of banks, officials said.
The agency has booked the Hyderabad-based company and its directors on a complaint from the State Bank of India, CBI Spokesperson RC Joshi said.
“It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of Rs 4,837 crore to the banks,” he said. (AGENCIES)