HYDERABAD: The CBI on Tuesday registered a case against Hyderabad-based Nandini Industries India Private Limited (NUPL) and its promoters for allegedly cheating the State Bank of India by evading the repayment of loans. The company owed Rs 54.21 crore to the bank in March 2014 and as the repayment was delayed, the total due to be paid by the company increased to Rs 218.21 crore by March 2021.
NUPL and its promoters resorted to diversion of loan proceeds and to increase drawings of loan proceeds by submitting inflated invoices to the bank.In 2007, the bank had sanctioned Rs 9.50-crore fund-based limit to NUPL and it was enhanced from time to time, based on the working capital requirements. The total limits sanctioned to NUPL was Rs 89.50 crore. However, due to the non-payment of dues, the loan account of NUPL was declared as an NPA in March 2014.