HYDERABAD: The CBI has registered cases against city-based infrastructure company Coastal Projects Limited for allegedly cheating SBI of over Rs 4,000 crore by defaulting on loans.
Cases have been booked against Coastal Projects Limited, its Chairman and MD Surendra Sabbineni, MD Garapati Harihara Rao, directors Sridhar Chandrasekhar, Sharad Kumar, K Ramulu, Ramesh Pasupuleti and others.
According to CBI officials, G V Sastry, Deputy General Manager of SBI, Kachiuda lodged a complaint with the CBI stating that the company and its management had pledged property documents as collateral security with the SBI.
They obtained loans totalling over Rs 4,000 crore and diverted the funds to other accounts. SBI and a consortium of 16 banks has sanctioned loans to Coastal Projects.
These include IDBI, Canara Bank, Bank of Baroda, Bank of Maharashtra, PNB, Union Bank of India, Exim Bank, ICICI, Axis Bank, Yes Bank among others.
Coastal Projects is into constructing tunnels, canals, irrigation and hydropower projects.