Hyderabad: Justice Challa Kodandaram of the Hyderabad HC directed the CBI on Tuesday to investigate the fraudulent transfer of funds of companies under liquidation from the SBH and other banks.
The judge was hearing a petition by Allwyn Watches Ltd, represented by its official liquidator, regarding the disappearance of deposits worth Rs 9 crore from the SBH’s Malkajgiri branch.
CBI counsel P. Kesava Rao told the court that the scam had wider ramifications with the involvement of 12 banks in four states.
He said the CBI had found a similar fraud had caused a loss of Rs 3.5 crore to the Bengaluru office of the Rajiv Gandhi Foundation. A part of the money had landed in the Hyderabad account of Goreshwar Cooperative Society.
He said that United Bank of India’s Khammam branch too witnessed a huge funds transfer scam involving the same modus operandi in which conmen used the RTGS route to transfer funds to multiple accounts. The judge told the CBI to start investigations without further loss of time and inform the court of the progress.
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