CBI raids IVRCL, says incriminating documents recovered
The beleaguered infrastructure firm IVCRL
found itself in more troubled waters on Wednesday as the Central Bureau of
Investigation (CBI) filed a corruption case against debt-laden IVRCL, a listed
firm, its managing director Sudhir Reddy and others for an alleged bank
fraud of over Rs 4,837 crore, in a consortium
led by State Bank of India.
The company's officials are accused of
defrauding the consortium of eight public sector banks, including SBI, IDBI
Bank, Canara Bank, Andhra Bank, among others.
"It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of
Incriminating evidence was found at the
official and residential premises, CBI revealed.
The Hyderabad-based firm, which had executed major projects across the country, is under liquidation due to mounting debts and defaults.
Related Stories
Gold Stories
Vedanta Secures Two Offshore Blocks in KG Basin Under DSF IV
Vedanta Oil and Gas has secured two offshore blocks in the Krishna Godavari (KG) Basin under the Government of India's Discovered Small Field (DSF) IV bidding round, strengthening its exploration and production portfolio along India's east coast.The newly awarded assets include the shallow water block KG/OSDSF/G1/2025 and the deepwater block KG/DWDSF/GD10/2025. The acquisition forms part of Vedanta's strategy to expand its offshore operations and explore India's untapped hydrocarbon resources through advanced technologies and efficient project execution.The blocks were awarded at a contract si..
Hindustan Zinc's Sakhi Enterprise Income Grows 43%
Hindustan Zinc's Sakhi Microenterprise initiative has recorded a 43 per cent year-on-year increase in collective income, rising from Rs 2.3 million in FY26 to Rs 3.28 million, according to the company. The initiative, operated through Sakhi Utpadan Samiti, currently engages 426 women in income-generating activities across multiple production units.The programme aims to promote financial independence by helping rural women develop entrepreneurial skills and establish sustainable livelihoods. One of its beneficiaries, Manju Devi, who previously depended on seasonal agricultural work, now operate..
KP Group Launches Waterless Solar Cleaning Robot at REI Expo
KP Group's KPI Green OMS has launched the SR 2000 V3.0, a waterless robotic solar panel cleaning system designed for single-axis tracker and fixed-tilt solar power plants, at the Renewable Energy India (REI) Expo 2026 in Greater Noida. The robot aims to improve solar plant efficiency while reducing water consumption and maintenance requirements.Designed to address dust accumulation on solar modules, particularly in dry and remote locations, the SR 2000 V3.0 uses a UV-resistant polybutylene terephthalate (PBT) brush operating at 130 rpm. According to the company, the system achieves a cleaning ..
Related Articles
Latest Updates
