Live
- Gold rates in Visakhapatnam today surges, check the rates on 22 November, 2024
- Satya Kumar flays YSRCP govt for ruining new med colleges
- AP High Court to hear RGVs anticipatory bail plea in social media remarks case
- ICC Champions Trophy: PCB appoints Chief Operating Officer; reiterates stand to host Champions Trophy entirely in Pakistan
- Probe initiated after food poisoning incident
- BGT 2024-25: Nitish Kumar Reddy, Harshit Rana make India Test debuts in first Border-Gavaskar Trophy in Perth
- 100 students fall sick after consuming contaminated food
- TCS will commence ops in Visakha in 3 months: Lokesh
- Pawan, 2 other ministers rule out VSP privatisation
- HC Bench In Kurnool: House passes unanimous resolution
Enforcement Directorate seizes jewellery, gold in bank fraud case against Transstroy India Limited, directors
The Enforcement Directorate (ED) said on Monday that it recently conducted search operations on bank lockers belonging to Cherukuri Sridhar and his family members in connection with a bank fraud case against Transstroy India Limited. Sridhar is the former CMD of Transstroy India Limited.
The Enforcement Directorate (ED) said on Monday that it recently conducted search operations on bank lockers belonging to Cherukuri Sridhar and his family members in connection with a bank fraud case against Transstroy India Limited. Sridhar is the former CMD of Transstroy India Limited.
The operations resulted in the recovery and seizure of 9.34 kg jewellery worth Rs 6.98 crore, and 2.27 kg of gold coins and bars worth Rs 1.37 crore. The total seizure is valued at Rs 8.35 crore.
The ED had initiated a money laundering investigation based on an FIR registered by the CBI, alleging bank fraud, cheating, and criminal breach of trust by Transstroy India Ltd, its directors and others.
Transstroy India had been enjoying credit facilities under a multi-banking system, availing various credit facilities from more than 10 banks.
The ED's investigation revealed that the directors of Transstroy India conspired with others, misused loan funds, and diverted the same through various methods, such as accommodated Letters of Credit (LC) transactions, diverting funds to accounts maintained outside the consortium, and engaging in multilayered transactions with the help of entry providers.
Earlier, the ED had conducted search operations at nine locations in Hyderabad and Guntur, including the premises of Rayapati Sambasiva Rao, ex-MP, and Cherukuri Sridhar, ex-CMD of Transstroy India Limited.
