The Central Investigation Agency has whipped another bada company that has stolen thousands of crores of rupees by the banks. The CBI raided coastal projects limited, a leading company that undertakes construction of power projects, mini dams, water supply schemes and roads. The CBI has registered a case with the State Bank of India (SBI) consortium complaint and has conducted extensive searches in two Telugu states.

Mainly in Vijayawada and Hyderabad, saturday and Sunday raids were conducted. Many key documents, hard disks, and many important evidence were collected in these searches. Details Hyderabad Jubilee Hills based Coastal Projects Limited has taken a loan of Rs 4,736.57 crore from a consortium of SBI-led IDBI, Canara Bank, Bank of Baroda, Bank of Maharashtra, Punjab National Bank, UBI and Exim Banks. They have been inadsated without repaying them.

The company has cheated the consortium of banks in the scheme with the help of some government employees and others. Since October 28, 2013, the irregularities have been opened. The CBI said that between 2013-18, the false accounts, fake documents and fake accounts were fraudulent and the loans taken were diverted to other accounts in the wrong way. The company's chairman Sabineni Surendra along with managing director Harihara Rao, directors Sridhar Chandrasekaran and Sharad were booked.

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