CBI arrests promoters of Totem Infrastructure in Rs 1394 crore fraud case

CBI arrests promoters of Totem Infrastructure in Rs 1394 crore fraud case

CBI arrests promoters of Totem Infrastructure in Rs 1394 crore fraud case

Salalith Tottempudi and his wife Kavita Tottempudi, both promoters and directors of Totem Infrastructure Ltd (TIL), were arrested. The accused have been charged with criminal conspiracy, cheating, forgery and usage of forged documents as genuine ones. "We have also conducted searches at residences of accused".

It is alleged that funds were diverted and expenditure was inflated, the official said. "It has also transpired that the company opened another account with Axis Bank and started diverting of funds", added the officials.

The case was booked based on a complaint lodged by the bank's senior manager Shaik Mohammad Ali.

Earlier, Punjab National Bank unearthed a scam of $2 billion where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

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The number of bank fraud cases has been piling up after the Reserve Bank of India (RBI) directed banks to file complaints against erring companies.

Reportedly, over the past two months, the CBI has filed at least seven FIRs related to loan defaults and frauds.

In its complaint, the UBI cited that TIL, based at Banjara Hills in Hyderabad, obtained the loans for the business of EPC (engineering, procurement and construction) contractor which is engaged in road projects, water works, building structures and also undertook works as a sub-contractor to various companies namely IRCON, RITES, Maytas Infra Pvt Ltd, L&T and TATA projects.

State-owned Union Bank of India's asset quality has deteriorated sharply in the fourth quarter and the bank may be in for further stress in terms of profitability if it fails to contain its mounting non-performing assets as per plans.

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