CBI has registered a case against The Hyderabad-based Chadalvada Infratech Limited and its managing director in a case of misappropriation of Rs. 166 crore with State Bank of India. The officers informed that the company works in the area of infrastructure in the power sector. It works for transmission, distribution and construction of sub-stations and has worked on several projects in Assam, Bihar, Chhattisgarh, Karnataka and Maharashtra.
The officers said that initially the company started participating in contracts worth Rs 25 crore and gradually started receiving orders from various state electricity boards. He also said that the company has been doing business with the State Bank since 2006 and initially it was given a debt limit of seven crore rupees which has risen to Rs. 243 crore in a gap of four years. He informed that since January 2011, irregularities in the accounts of the company started and finally on 15th April 2011, the company's account was declared as non-performing asset (NPA).
The State Bank has made an allegation in its compound which is now part of the CBI's preliminary information report. The State Bank says the company's fencing audit revealed that it transferred Rs 6.5 crore to companies with which it had no business relations. It says that the company allegedly gave this money to those who provided him with a guarantee facility to borrow from the bank. The case is being investigated.
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