The official said that the bank in its complaint alleged that the accused in connivance with unknown public servants and others defrauded the consortium of banks.
"The account became NPA on January 25, 2017 with retrospective effect from October 28, 2013 and reported as fraud on February 20 last year," he said.
He said that it was also alleged that the borrower company based at Hyderabad during the period 2013-18 had indulged in falsification/fabrication of books of accounts, manipulations/falsification of the financials to show unrealisable invoked BG amounts as realisable investments, falsified details of promoters' contribution, converted receivables from related parties to investments to siphon off the banks' funds, cheating the SBI and other consortium member banks.
"Searches were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada which led to recovery of several incriminating documents and other material evidences," the official added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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