CBI REGISTERS A CASE AGAINST CERTAIN BANK OFFICIALS OF HYDERABAD AND OFFICIALS OF A SECUNDERABAD BASED FIRM & OTHERS FOR CAUSING LOSS TO GOVERNMENT

Press Release
New Delhi , 02.03.2012

            The Central Bureau of Investigation has registered a case certain officials of Hyderabad and officials of a Secunderabad based private firm and others U/s 120-B r/w 420 IPC and 13(2) r/w 13(1)(d) of PC Act, 1988.

 

            It is alleged that the officials of the private company in connivance with bank officials fraudulently got an undue amount to the tune of Rs.7.98 crores released from the bank as interest subsidy.

 

            It may be mentioned that the Technology Upgradation Fund Scheme (TUFS) of Ministry of Textiles, Govt. of India, provides for interest subsidy of 5% against the interest paid by the company on the loan taken to upgrade the textile machineries.

 

            Searches were conducted at nine places in Hyderabad / Vijaywada in this regard. During searches, incriminating documents and evidence have been seized by CBI team.

 

            Investigation is in progress

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