The Central Bureau of Investigation (CBI) registered a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding Union Bank of India (UBI) led banking consortium to the tune of Rs 1,394 crores.
After registering the case under the Indian Penal Code Sections relating to cheating, criminal conspiracy and criminal breach of trust and relevant provisions of the Prevention of Corruption Act, the agency also conducted searches at several locations in Hyderabad.
The FIR has named as accused Totem Infrastructure, Promoter Tottempudi Salalith and his wife and director of the firm Tottempudi Kavita.
The complaint was filed by consortium leader UBI that was cheated of Rs 303.84 crore by the accused firm.
“Loan was taken from a consortium of eight banks including UBI which was the lead bank. The total outstanding dues against the firm is Rs 1,394.43 crore. This account became Non-performing asset (NPA)on June 30, 2012 after loan and interest repayment default,” said a CBI official.