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Another Rs 1,394 cr bank fraud, CBI now books Hyderabad firm (Lead)

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Hyderabad, March 22 (IANS) Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd (TIL)for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.

The Central Bureau of Investigation (CBI) issued lookout circulars against TIL’s promoters and directors — Tottempudi Salalith and his wife Tottempudi Kavitha — whose whereabouts were reportedly not known. Salalith is also director in 10 other private firms dealing in road construction.

A CBI team also carried out raids here at two places after filing the FIR against the firm, its promoters and directors and other unidentified public servants. The raids were conducted at the residential and office premises of the firm and accused persons.

The CBI on Thursday filed the case on the basis of a complaint filed by UBI’s Industrial Finance Branch (Hyderabad) which alleged to be cheated Rs 313.84 crore by the firm.

State Bank of India, which tops the list with Rs 357.64 crore of loans, is followed by UBI (Rs 313.84 crore), Bank of Baroda (Rs 208.67 crore), IDBI (Rs 174.47 crore), Punjab National Bank (Rs 126.30 crore), Oriental Bank of Commerce (Rs 79.96), JM Financial Asset (Rs 69.07 crore) and Syndicate Bank (Rs 64.48 crore).

“Loan was taken from a consortium of eight banks including UBI which was the lead bank. Total dues outstanding for the consortium is Rs 1,394.43 crore. This account became NPA on June 30, 2012 after default of payments of interests and instalments,” a CBI official said.

In its complaint, the UBI cited that TIL, based at Banjara Hills, obtained the loans for the business of EPC contractor which is engaged in road projects, water works, building structures and also undertook works as a sub contractor to various companies namely IRCON, RITES, Maytas Infra Pvt Ltd, L&T and TATA projects.

TIL is taking loans with our bank since November 2005 when it was sanctioned credit facilities of Rs 15 crore to complete the work orders in construction and infrastructure activities, the UBI complaint said.

“The sanction limits were periodically reviewed at outstanding level by our banks at the request of TIL.”

The firm is also accused of diverting the funds by opening accounts outside the consortium and through payments of wages by showing excess expenditure and huge stocks, said the CBI official.

“The entire sale proceeds were not allegedly routed through the dealing branches of consortium banks.”

In its complaint, the UBI had said the borrowers are absconding and their present whereabouts were not known.

On Wednesday, the CBI filed a case against a Chennai-based jeweller, Kanishk Gold Pvt Ltd, for defrauding a consortium of 14 banks led by the State Bank of India to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA).

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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