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JUDICIARY WATCH

CBI registers case against MD of pvt firm

Nikita Rana, New Delhi
13/05/2017   0 Comments

The Central Bureau of Investigation has registered a case on the complaint of IFCI Limited against a private company based at Banjara Hills, Hyderabad & its Managing Director; a Director & Chief Finance Officer of the Company.


It has learnt that five other companies based at Hyderabad & Pune and unknown public servants & others on the allegations relating to fraud, misrepresentation & cheating perpetrated by said private firm based at Banjara Hills.


It was further alleged that said private firm had applied for loans for the purpose of executing certain projects in the year 2014-2015 to the tune of Rs 190 crore (approx) against security of immovable property which were given highly inflated values with the malafide intention and did not repay the same, thereby causing loss of Rs 205.02 crore (approx) to IFCI Ltd, Bureaucracy Today has learnt.

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