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CBI registered case against Private firm, for causing loss of Rs 1,285.45 cr to bank

IndiaCBI registered case against Private firm, for causing loss of Rs 1,285.45 cr to bank

The CBI registered case against Golden Jubilee Hotels Pvt Ltd and its Directors for causing a loss to the bank of 1285.45 crores. They were alleged that during the implementation of the project, the company indulged in fraudulent trading and carried out suspicious transactions.

Hyderabad: The Central Bureau of Investigation (CBI) on Saturday said it has registered a case against a Private Company based at Hyderabad and its Directors on allegations of causing loss to a bank to the tune of approximately Rs 1285.45 crore.

Based on a case registered against Golden Jubilee Hotels Private Limited and others including its Directors — Laxmi Narayan Sharma, Arjun Singh Oberoi, Ms. Neha Ghambir, and Yasdeep Sharma and unknown public servants in a bank fraud case, the CBI had carried out searches at four places including in Hyderabad, Delhi and at the premises of the accused involved in the case.

The searches conducted at the premises of the accused led to the recovery of incriminating documents, the premier investigating agency said in a release.

It was alleged that the private company represented by its Directors availed financial credit limits by way of a term loan of Rs.678.89 crore and NFBL of Rs.50 crore under consortium arrangement led by Bank of Baroda, Hyderabad between 2009 to 2015.

It was further alleged that during the implementation of the project, the company indulged in fraudulent trading and carried out suspicious transactions, it said.

The loan account became NPA on March 31, 2015, with an outstanding amount of Rs.1285.45 crore (approximately).

The investigation is underway, the release added.

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