CBI raids Hyderabad, AP locations in Rs 105 crore fraud case

The accused have been booked for criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery.

Hyderabad: The Central Bureau of Investigation (CBI) raided 10 locations in Hyderabad and Andhra Pradesh on Friday, July 31, in connection with a Rs 105 crore bank fraud involving NCS Sugars Limited.

The raids were conducted at locations in Hyderabad, Kakinada, and Vizianagaram. Based on a complaint by Punjab National Bank, Chennai, the CBI’s Bank Securities and Fraud Branch (BSFB), Bengaluru, registered the case against the firm, its directors, and public servants. The accused have been booked for criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery.

According to a report by The New Indian Express, Punjab National Bank filed a complaint alleging that NCS Sugar submitted forged documents to secure the credit. The company then misappropriated the fund instead of using it for the business.

NCS Sugars also defaulted while repaying the loan, resulting in a loss of Rs 105.44 crore to the bank.