New Delhi: The Central Bureau of Investigation (CBI) on Monday said that it has carried out searches at three locations in Telangana and Andhra Pradesh in connection with a bank fraud case involving Guntur based Ind Tob International Pvt Ltd.
A CBI spokesperson here said that the agency searches came in the wake of the case it registered against Tob International Pvt Ltd, Tadisetty Venkata Rao, Managing Director, Promoter and Guarantor and Tadisetty Murali Mohan, Director and Promoter and unknown public servants.
The official said that searches were conducted at the premises of the accused at three places in Andhra Pradesh and Telangana.
The official said that it was alleged that Tob International was engaged in trading of tobacco. He said that it was also alleged that Tob International Pvt Ltd availed FB (CC& SLC) credit facilities aggregating to Rs 45 crore from State Bank of India (SBI), Specialised Commercial Branch in Guntur.
“These credit facilities were inter alia secured against hypothecation of movable assets, mortgage of immovable properties and personal guarantees.”
The account became NPA on February 27, 2019 due to lower sales coupled with lower margins, losses, etc in addition to submission of inflated or manipulated stock statements and transfer of funds to the personal accounts of Directors.
“An alleged loss to the tune of Rs 19.28 crore was caused to SBI,” the official added.
