HYDERABAD: The CBI registered criminal cases against city-based infrastructure companies SEW LSY Highways Limited, SEW Infrastructure, and others, for allegedly duping Punjab National Bank (PNB) to the tune of Rs 107 crore.
The firms took term loans of Rs1,700 crore from a consortium of 14 banks, with PNB as the lead banker.
Cases were registered against SEW LSY Highways Limited, SEW Infrastructure Limited, Prasad & Company (Project Works) Limited (PCL), Sunkara Anil Kuma, Yarlagadda Venkateshwara Rao, Pudipedda Satya Murthy and others.
Sardeshpande Vinayak Krishna, the deputy general manager of Punjab National Bank, Hyderabad, lodged a complaint with the CBI seeking action against the companies for allegedly siphoning money off the bank and diverting funds to the tune of `107 crore.
SEW LSY Highways Ltd, represented by directors Sunkara Anil Kurnar, Yarlagadda Venkateshwara Rao and Pudipedda Satya Murthy, had availed financial credit limits by way of term loans of `300 crore from PNB and LCB in Hyderabad. The company, however, failed to keep up with the schedule laid out in the contract given by the Uttar Pradesh State Highway Authority.
Recently, PNB had conducted a forensic audit of the aforesaid loan accounts. The audit report mentioned an unexplained diversion of bank funds. The funds extended for the project was routed back to the Group of Entity Accounts.