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CBI raids at shell companies in city
The Central Bureau of Investigation (CBI) on Friday carried out searches at two shell companies meant for diversion of funds by the fraudsters.The searches were conducted at Aerospace Technology Lab at Barkatpura and Embedded Computing Laboratory at Habsiguda.
Hyderabad: The Central Bureau of Investigation (CBI) on Friday carried out searches at two shell companies meant for diversion of funds by the fraudsters.The searches were conducted at Aerospace Technology Lab at Barkatpura and Embedded Computing Laboratory at Habsiguda.
The CBI had earlier registered a case in connection with bank fraud. As a follow-up to the case, CBI conducted searches in which incriminating documents were seized indicating their role as shell companies making accommodative entries and earning commission. CBI officials said the shell companies served as links for diversion of funds by the fraudsters.
In a separate development, CBI registered a case against a Hyderabad based private company, its management and unknown public servants for siphoning off Rs 52.81 crore from State Bank of India by availing credit facilities by furnishing fake collateral securities. Searches were conducted at six places in Hyderabad and Kamareddy and further investigation is underway, CBI officials said.
