Hyderabad: A case of fraud worth over Rs 6 crore has been registered against Khairatabad-based Nidhi Biotech Pvt Ltd and six others in the State Bank of India. Among those who initiated the Central Bureau of Investigation Hyderabad action were the company's managing director Srinivas Reddy and director B.C. Lakshmi sculpture included.

The CBI has registered cases under sections 420, 468, and 471 (47), 409 and 120B of the IPC under the provisions of the Anti-Corruption (PC) Act for fraud, forgery, forgery and betrayal of a bank. .

The fraud case came to light following a complaint lodged by SBI Assistant General Manager, Regional Manager Konda Ravishekar. The FIR said the company had received a loan capital of Rs 6 crore in October 2017 for trading in seeds and other agricultural products.

In addition to filing forged invoices, the company also collateralized evidence of assets in Abdullapurmet, Santosh Nagar, Mehdipatnam, which did not exist and obtained a loan on this basis. An internal audit of the bank in November 2018 revealed that two of the three assets were counterfeit.

Also, the company did not submit any reports on the closure of the unit. The account was converted to NPA in 2018 based on the inspection report. Later, when the bank lodged a complaint, the CBI initiated action against it.

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