Coastal Projects Ltd has called upon trouble on themselves. The Hyderabad Based Coastal project has been booked by the Crime Bureau of Investigation. Coastal Projects Ltd. and the board of directors have been booked for about Rs. 4,736 crore bank fraud from an association of banks that was led by The State Bank of India. The complaint that SBI filed is now a part of the FIR, which alleges Coastal Projects, during the years between 2013 and 2018 of falsing their account books and financial statements to prove that the money guaranteed by banks are realizable investments. All this information was revealed by the CBI office investigating the case.
The construction company has also been booked for allegedly giving false information about promoters’ contribution and the receivable that got converted to investments from related parties to draw off the bank funds, R C Joshi, Spokesperson CBI said. Simultaneously, the company’s loan accounts became a Non- Performing Asset, with effect from October 28, 2013, and then announced fraud on February 20 last year.
Alongside Coastal Projects Ltd, its Chairperson and Managing Director Sabbineni Surendra has also been booked. But the list doesn’t end here. The Managing Director Garapati Harihara Rao, Directors Sharad Kumar, Sridhar Chandrasekharan Nivarthi, Guarantor K Anjamma, K Ramuli have also been taken into account. CBI has also named some officials from another company, Ravi Kailas Builder Pvt Ltd regarding this case. Their directors Govind Kumar Irani and Ramesh Pasupuleti have also been accounted for.
Joshi also said that The Crime Bureau of Investigation has conducted searches at the official and residential premises of the accused at Hyderabad and Vijayawada that have given some strong amount of proof to CBI. They recovered several incrimination documents and various other material evidence to strengthen their case against Coastal Projects Ltd and allies.
