Yet another bank fraud has come to light, with the Central Bureau of Investigation (CBI) on Thursday registered a case against Hyderabad-based Totem Infrastructure limited, its promoter and director for allegedly cheating the Union Bank of India of Rs 313 crore.
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.
The bank’s industrial finance branch had filed a complaint against the company, its promoter Tottempudi Salalith and director Tottempudi Kavita.
Sources in CBI said that the investigating agency is currently questioning the director and promoter. This comes after reports about a Rs 12,703-crore fraud at the Punjab National Bank.
According to CBI, the firm had reportedly secured a loan from a consortium of eight banks, including the Union Bank of India. The loan was declared a non-performing asset on June 30, 2012. The complaint pegged the total amount due to the consortium at Rs 1,394.43 crore.
Reports claimed that the agency managed to trace the director and promoter after they were believed to be absconding. The company undertakes road projects, water works and building construction.