Skip to main content

After PNB, SBI, now Union Bank of India hit by bank fraud

https://lookinews.blogspot.in/?m=1
CBI has registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by Union Bank of India


The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India.
“The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastructure and its promoters and directors Tottempudi Salalith and his wife Tottempudi Kavita of Hyderabad,” a person familiar with the developments said.

The number of bank fraud cases has been piling up after the Reserve Bank of India (RBI) directed banks to file complaints against erring companies. The latest case comes just a day after the investigating agency filed a case of loan fraud against Kanishk Gold Pvt. Ltd on a complaint by State Bank of India (SBI).
Union Bank of India’s industrial finance branch of Hyderabad filed the complaint against Totem for cheating the bank to an extent of Rs313.84 crore.




“Totem Infrastructure took a loan from a consortium of eight banks, including Union Bank, wherein the total outstanding dues stand at Rs1,394.43 crore. This account became NPA (non-performing asset) on 30 June 2012,” the person added.
The agency said that Union Bank of India had only recently filed a complaint with the agency against Totem Infrastructure.
It was alleged in the complaint by Union Bank that “the company had diverted funds by opening accounts outside the consortium and through payments of wages by showing excess expenditure and inflated stocks. The entire sale proceeds were not allegedly routed through the dealing branches of consortium banks.”
Union Bank of India declined to comment on the matter.
CBI said that it had tracked the promoters down and “have located the accused at a new place of residence and searches are underway”.
Other persons familiar with the case also confirmed that Totem Infrastructure was engaged in infrastructure projects, wherein “they took subcontracts from Larsen and Toubro Ltd, Ircon International Ltd and similar companies.”
In a statement, CBI added that “the said private company (Totem) based at Banjara Hills, Hyderabad, was in the business of EPC (engineering procurement and construction) contractor engaged in road projects, water works, building structures and also undertook works as a sub contractor to various companies.”
Totem Infrastructure did not respond to Mint’s calls or messages.
On Wednesday, CBI registered a case against Chennai-based Kanishk Gold and its promoters Bhoopesh and Neeta Jain for allegedly defrauding State Bank of India (SBI) and 13 other banks to the tune of Rs824.15 crore, while also issuing lookout circulars against the accused.
“The CBI, on Thursday, conducted two fresh searches (locations not disclosed) and questioned Bhoopesh Jain and Neeta Jain in connection with the case and lookout circulars have been issued against those who have been accused,” the person cited above added.
Lookout circulars are issued by the CBI against the accused in a case, so that they cannot flee the country.
Other than Bhoopesh and Neeta Jain, the CBI also booked Tejraj Achha, a partner at Achha Associates; Ajay Kumar Jain, a partner in Ajay and Co.; Sumit Kedia who is a partner at Lunawath and Associates.
While emails and calls to SBI remained unanswered, Kanishk Gold did not respond to calls either.
Both the scams have come in the wake of the Rs12,636 crore PNB fraud case, where the CBI and the Enforcement Directorate have filed cases under the Prevention of Corruption Act and the Prevention of Money Laundering Act, respectively. However, both Nirav Modi and Mehul Choksi have declined to join the investigation.
Yunus Lasania in Hyderabad and Gopika Gopakumar in Mumbai contributed to this story.
Labels:

Comments

Post a Comment

Popular posts from this blog

Tinder Lite will arrive in Vietnam in the ‘coming weeks’

A smaller app that requires less data image source:- theVarge Tinder has already publicized its plans to expand around the world, specifically in Asia, but today, it’s taking the next logical step in that journey and introducing a smaller version of its Android app — called Tinder Lite. The app is 25 times smaller than the main app, and while it maintains the core functionality, like swiping, it nixes more data-heavy ones, like the Feed. The idea is that Tinder Lite is faster, requires less battery life, and reduces data usage. For now, Tinder Lite users can’t upgrade to a Tinder Plus or Gold subscription within the app, but the company says it plans to do so over time. (A critical feature for making money off users, of course.) The app will be available through Google Play in Vietnam in the “coming weeks” and will subsequently come to other areas in Southeast Asia and South America. As is typically the case with the lighter versions of apps, users can use the same acc...
Post a Comment
Read more

Ather Energy to launch a high-performance electric motorcycle next; Details revealed

Ather Energy, an IT Madras based electric mobility start-up, has just launched two new electric scooters, the 340 and 450. After successfully bringing its first electric scooters to the market, Ather is now aiming a lot higher. The start-up will soon begin work on a high performance electric motorcycle, which will be launched in about two years from now. Tarun Mehta, co-founder of Ather Energy, has just revealed this in an interview to the  TimesOfIndia . Here’s what he said about Ather’s plans to enter the motorcycle segment in India, “Scooters now outsell bikes in all the top 10 cities. It’s painful to drive a petrol bike in crowded cities. In  Bengaluru you can never leave the clutch, and you’ll have this wrist pain. You have zero storage space. With electric  we hope to resolve some of that, you won’t need the clutch, hopefully we’ll be able to build storage space. Half our  company wanted to build a bike, but we built a scooter. Very soon we should be...
Post a Comment
Read more

Leaked Avengers Endgame toy pics reveal new costumes, tease time travel. See them here.

Is this really what the Avengers are going to wear in Avengers: Endgame? A new line of Marvel toys reveal the new armour that Thor and Hulk could be seen wearing as they battle the Mad Titan, Thanos. We are little over three months away from the biggest celebration film to hit theatres. Ever since the first trailer for Avengers: Endgame hit the web on December 7, fans have been losing their minds with theories and speculations about what will happen in this epic saga conclusion film. We had last left the Avengers in quite an array in Avengers: Infinity War after Thanos, the Mad Titan, snapped his fingers with the Infinity Gauntlet on and killed half the living things in the universe including a large number of superheroes. Look what I saw @ManaByte @DanielRPK pic.twitter.com/DOtc8S65wf — Stephen N. Parker (@HowlStrange) January 20, 2019 In the trailer for Avengers: Endgame, we saw our beloved superheroes (the one’s who are left) face the repercussions of the...
Post a Comment
Read more