CBI registers case against IVRCL, MD, others for ₹4,837-crore fraud
December 31, 2020
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SBI, in its complaint, said the company, in connivance with some government officials, defrauded a consortium of banks
The Central Bureau of Investigation has registered a case against Hyderabad-based debt-strapped construction and infrastructure company IVRCL Limited, the company’s MD, Joint MD and others for a ₹4,837-crore banking fraud.
The investigating agency registered the case based on a complaint by State Bank of India, Hyderabad, against the company’s Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy, along with some public servants.
SBI, in its complaint, alleged that IVRCL, in connivance with some government officials, defrauded a consortium of public sector banks of over ₹4,837 crore.
Hyderabad-based infra firm IVRCL booked for alleged bank fraud of Rs 4,837 crore, CBI raids premises
The central probing agency had earlier booked IVRCL and its directors on a complaint from the State Bank of India and raided their premises for an alleged fraud worth over Rs 4,800 crore against a consortium of banks.
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The Central Bureau of Investigation on December 30 informed that they raided the premises of infrastructure firm IVRCL, its Managing Director E Sudhir Reddy and Joint Managing Director R Balarami Reddy.
The central probing agency had earlier booked the Hyderabad-based company and its directors on a complaint from the State Bank of India and raided their premises for an alleged fraud worth over Rs 4,800 crore against a consortium of banks.
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)
CBI Books Hyderabad-Based Infra Firm For Alleged Bank Fraud Of Rs 4837 Cr
The agency has booked Hyderabad-based company IVRCL, and its directors after a complaint was filed by the State Bank of India, CBI Spokesperson RC Joshi said.
PTI 30 December 2020 File Photo PTI 2020-12-30T21:22:12+05:30 CBI Books Hyderabad-Based Infra Firm For Alleged Bank Fraud Of Rs 4837 Cr outlookindia.com 2020-12-30T21:26:08+05:30
The Central Bureau of Investigation (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.
CBI books Hyd-based infra firm IVRCL, its MD for bank fraud of Rs 4837Cr
By Mansoor| Published: 30th December 2020 9:25 pm IST
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.