The agency has booked the Hyderabad-based company and its directors on a complaint from the State Bank of India, CBI Spokesperson RC Joshi said. "It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of public sector banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and caused a loss of ₹4,837 crore to the banks," he said. The CBI has alleged that the company had availed credit facilities from consortium members and cheated them by not repaying the loan amount. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint December 30, 2020 15:22 UTC