The Central Bureau of Investigation 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, ANI reported. The bank’s industrial finance branch had filed a complaint against the company, its promoter Tottempudi Salalith and director Tottempudi Kavita.
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, ANI reported. The complaint pegged the total amount due to the consortium at Rs 1,394.43 crore.
The investigating agency is currently questioning the director and promoter. Reports claimed that the agency managed to trace the director and promoter after they were believed to be absconding, according to Times Now. The company undertakes road projects, water works and building construction.
This comes after reports about a Rs 12,703-crore fraud at the Punjab National Bank.
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