Hyderabad-based firm booked for Rs 218 crore SBI loan fraud

The Central Bureau of Investigation on Thursday registered a case against a private company in Hyderabad for allegedly defrauding SBI by obtaining a loan of Rs 218 crore.

The investigation bureau swung into action following a complaint by State Bank of India (SBI) of Secunderabad branch. The company - Nandini Industries India Pvt. Ltd (NIIPL) is said to have taken loans from the bank and tried to divert the funds to other entities by producing fake invoices to the bank.

The CBI recovered several key documents by conducting the searches at three places in Hyderabad and registered a case against the company's managing director Haridass Ramesh, director Urvashi Ramesh and other people.

In the complaint, the bank stated that they had sanctioned Rs 9.5 crore initially on September 14, 2007 which was increased from time to time based on the working capital requirements of the borrower. A total of Rs 89.50 crore fund based and non fund bases limits were sanctioned to the company. In March 2014, the loan account was declared as NPA due to non-payment of dues to the state Bank of India (SBI).

Out of the total limits, an amount of Rs 54.21 crore approximately was outstanding as on NPA date i.e. March 30, 2014. The said amount increased to Rs 172.71 crore approximately as on November 30, 2019, and to Rs 218.21 crore approximately as on March 31, 2021, including interest.