CBI conducts searches at six locations in Hyderabad, Kurnool
The Hindu
The Central Bureau of Investigation conducted searches at six places in Hyderabad, Nandyal and Kurnool, in connection with two cheating cases registered against Nandi Grain Derivatives Pvt. Ltd., SPY
The Central Bureau of Investigation conducted searches at six places in Hyderabad, Nandyal and Kurnool, in connection with two cheating cases registered against Nandi Grain Derivatives Pvt. Ltd., SPY Agro Industries Ltd and their directors and unknown public servants and private persons for cheating Bank of Baroda and Union Bank of India to the tune of ₹70 crore.
The searches led to the recovery of several incriminating documents, officials said.
According to CBI officials, the bank alleged that those Nandi Grain Derivatives represented by its directors entered into a conspiracy with others and availed loans from its Banjara Hills Branch, and later diverted the loan funds for other than the purpose for which the loan was given and also for personal gains.