Hyderabad: The city unit of the Central Bureau of Investigation (CBI) booked a case against Kasukurthi Constructions Private Limited and its directors for allegedly cheating Indian Bank (erstwhile Allahabad Bank) to the tune of Rs 137,36,47,228.
According to CBI FIR, the company represented by its Managing Director K Jagan Mohan Rao and directors, availed loans on the basis of fabricated audited financial statements and later diverted the funds for other than business activities and for personal gains. False stock statements were submitted to the bank to conceal their irregularities and their books of accounts were falsified causing wrongful loss to the tune of Rs 137.36 crore.
The case was booked under Section 120B (Criminal Conspiracy) along with other provisions of Indian Penal Code (IPC) and Prevention of Corruption (PC) Act based on a complaint lodged by the bank’s Assistant General Manager Santanu Bal.
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