CBI files case against Totem Infrastructure for Rs 1,394 crore bank fraud - Hindustan Times
close_game
close_game

CBI files case against Totem Infrastructure for Rs 1,394 crore bank fraud

Indo Asian News Service, Hyderabad | By
Mar 22, 2018 08:01 PM IST

The CBI has filed a case against Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by the Union Bank of India.

Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.

The funds were allegedly diverted and expenditure was inflated, a CBI official said.(Reuters File Photo)
The funds were allegedly diverted and expenditure was inflated, a CBI official said.(Reuters File Photo)

A Central Bureau of Investigation (CBI) team also carried out raids at several places here after filing the FIR against the firm and its Promoters and Directors Tottempudi Salalith and his wife Tottempudi Kavita.

Hindustan Times - your fastest source for breaking news! Read now.

The CBI filed the case on the basis of a complaint filed by UBI which was cheated of Rs 303.84 crore by the firm.

“Loan was taken from a consortium of eight banks including UBI which was the lead bank. Total dues outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012 after loan and interest payment default,” a CBI official said.

Totem Infrastructure was in the business of road projects, water works and building construction.

It is alleged that funds were diverted and expenditure was inflated, the official said.

On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, March 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On