Another Rs 1,394-crore fraud comes to light

Hyderabad, March 22 

Yet another bank fraud has come to light, with the CBI on Thursday 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.

The 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 CBI filed the case on the basis of a complaint filed by UBI which was cheated of Rs 303.84 crore by the firm.

“Loan was taken from a consortium of eight banks, including UBI, which was the lead bank. Total outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012 after loan and interest payment default,” a CBI official said. Totem Infrastructure was in the business of road projects, water works and building construction. It is alleged that funds were diverted and expenditure was inflated, the official said.

On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).

The case file 

• Hyderabad-based Totem Infrastructure Ltd has allegedly defrauded a consortium of eight banks led by Union Bank of India to the tune of Rs 1,394 crore
• The CBI team also carried out raids at several places after filing the FIR against the firm and its promoters 
• The account became NPA on June 30, 2012 after loan and interest payment default  — IANS