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CBI books Transstroy India for diverting Rs 7,926 cr from 14 banks

The Central Bureau of Investigation (CBI) office. (File)
In what could be the biggest bank fraud case reported so far, the Central Bureau of Investigation has booked Transstroy India Ltd (TIL), Chairman and MD Sridhar Cherukuri and directors for alleged misappropriation and diversion of Rs 7,926.01 crore from 14 banks.
Former Telugu Desam Party MP Rayapati Sambasiva Rao, who is also the company’s current additional director and a promoter, has also been booked by the CBI. Sambasiva Rao was a three-time Lok Sabha member and one-time Rajya Sabha member.
The top bank fraud cases so far were Gitanjali Gems (promoted by Mehul Choksi) Rs 5,044 crore, Rei Agro Ltd Rs 4,197 crore, Winsome Diamonds (promoted by Jatin Mehta) Rs 3,386 crore and Ruchi Soya Industries Rs 3,225 crore. ....

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Canara Bank updates on alleged fraud by Transstroy India Ltd

Canara Bank updates on alleged fraud by Transstroy India Ltd
Posted On:
2020-12-19 10:24:57
(Time Zone: Arizona, USA)
Canara Bank has announced regarding alleged fraud to the tune of Rs. 7926 Crore by M/s Transstroy India Ltd. The company was enjoying limits from various Banks under Multiple Banking Arrangement from 2001. Subsequently, a Consortium with Canara Bank as Leader with 13 other Banks was formed in 2013 and the total limit sanctioned was Rs.4765.70 Crore and the share of Canara Bank is only Rs.678.28 Crore. The account was declared as fraud and reported to RBI on 10.02.2020.
Canara Bank has made 100% provision for this account as per the prescribed prudential norms. The Company has already been declared as Wilful Defaulter on 26.12.2018 by the Bank. Out of 7926.01 Crore fraud amount appearing in the press note, the amount of lending made by all the 14 Consortium members is Rs.4765.70 Crore. Remaining amount was lent under Multiple Banking Arrange ....

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