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.
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