CBI books Hyderabad firm in Rs 173 crore fraud

New Delhi: The Central Bureau of Investigation (CBI) has started a probe against a Hyderabad-based private company and its directors for defaulting payment of interest and instalments of the loan availed from a consortium of banks causing a loss to the tune of Rs 173.76 crore.

The agency has registered a case against Parikh Fabrics Pvt Ltd and its directors Nikhil B. Parikh and Rita B. Parikh as well as other private persons and unknown public servants.

The firm had availed various loan between December 26, 2003, and December 31, 2010, from State Bank of India, Commercial Branch, Hyderabad under consortium arrangement.

It was further alleged that the company had defaulted in payment of interest and instalments, hence, the account was classified as NPA (Non-Performing Asset) on August 30, 2011.

As per CBI FIR, the accused diverted funds and manipulated books of accounts, causing loss to the tune of Rs 173.76 crore to the bank.

The agency further conducted searches at two places in Hyderabad and one in Chennai including the office and residential premises of the accused which led to the recovery of some incriminating documents.