It was further 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 unrealizable invoked BG amounts as realizable 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 the recovery of several incriminating documents and other material evidence. The investigation is continuing, the statement 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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