March 22,2018:

CBI has brought to light another Bank Fraud with filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.

Central Bureau of Investigation (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.

CBI has filed the case on basis of a complaint filed by Union Bank of India which was cheated of Rs 303.84 crore by the firm.

CBI Official stated that,“Loan was taken from a consortium of eight banks including UBI which was the lead bank. Total dues outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012 after loan and interest payment default”.

Totem Infrastructure was in the business of the road projects, water works and building construction.

 

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