The Central Bureau of Investigation (CBI) registered the case against Hyderabad-based Totem Infrastructure and directors after a complaint from Union Bank, which the CBI said had been cheated out of about 3.14 billion rupees.
Accoring to the officials, the total dues of Totem Infrastructure towards the consortium stands at Rs1394.43 crore.
Salalith and Kavita Tottempudi had managed to escape the notice of banks and the Income Tax department, which announced a reward of up to Rs 15 lakh in 2015 for providing information on their whereabouts.
Union Bank of India's industrial finance branch of Hyderabad filed the complaint against Totem for cheating the bank to an extent of Rs313.84 crore. "This account became NPA on June 30, 2012, after loan and interest payment default", a CBI official was quoted as saying to IANS. The funds were also allegedly diverted.The bank said that the borrowers and promoters were absconding and that their present whereabouts are unknown.
A 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.
In its complaint, the UBI cited that TIL, based at Banjara Hills, obtained the loans for the business of EPC contractor which is engaged in road projects, water works, building structures and also undertook works as a sub contractor to various companies namely IRCON, RITES, Maytas Infra Pvt Ltd, L&T and TATA projects. Ltd. (KGPL). The case is regarding Kanishk Gold who is involved in taking loans from a SBI-led consortium of 14 banks.
Meanwhile, this comes after reports of about Rs 12,700-crore fraud at the country's second largest state-run lender Punjab National Bank.