The Central Bureau of Investigation (CBI) has conducted searches in connection with a case against Hyderabad-based Coastal Projects Limited and others, for allegedly cheating a consortium of eight banks to the tune of ₹4,736.57 crore.
The company’s chairman-cum-managing director, Sabbineni Surendra, managing director Garapati Harihara Rao, whole time directors Sridhar Chandrasekharan Nivarthi and Sharad Kumar, guarantors K. Ramulu and K. Anjamma, and Ravi Kailas Builders Private Limited, represented by Ramesh Pasupuleti and Govind Kumar Inani, have been named as accused.
The loan account became non-performing asset on January 25, 2017, with effect from October 2013. It was reported as fraud on February 20 last year.
It is alleged that during 2013-18, the company indulged in falsification of account books and manipulated financial records to show unrealisable amounts as realisable investments, forged details of promoters’ contribution and converted receivables from related parties to investments for diverting the loan amounts.
“Searches were conducted on the residential and official premises of the accused in Hyderabad and Vijayawada,” said a CBI official.
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