The Central Bureau of Investigation (CBI) has filed a case against a Hyderabad based company, Transstroy (India) Ltd, for allegedly cheating a consortium of banks of Rs 7,926 crore, officials said on Friday.
People familiar with the development said that the amount involved in the fraud is even higher than what fugitive diamantaire Nirav Modi owes to banks in India. The 49-year-old is currently facing extradition proceedings and is lodged in a UK jail. He owes some Rs 7,700 crore to Indian banks.
Transstroy, which deals in construction of highways, bridges, irrigation projects, metro related work and is also in the business of oil and gas, is currently under liquidation process as per an order by National Company Law Tribunal (NCLT) in September 2019.
Apart from Transstroy and its CMD Cherukuri Shridhar Sridhar, the CBI has named as accused Rayapati Sambasiva Rao (additional director in the company) and Akkineni Sathish…