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Union Bank of India fraud: Here's all you need to know
IBTimes | 23rd Mar, 2018 09:10 AM

Union Bank of India has become the latest victim of a loan fraud, when the state-owned lender was cheated to the tune of Rs 303.84 crore by a Hyderabad-based construction and infrastructure firm.

Lets take a quick look at some of the key highlights of the case so far:

1. The Mumbai-based lender said it was cheated by Totem Infrastructure, when the company allegedly took a loan from a consortium of 8 banks, of which Union Bank was the lead bank. The total dues outstanding for the consortium is Rs 1,394.43 crore.

2. The Central Bureau of Investigation has registered a case against the company and its promoters and directors Tottempudi Salalith and his wife Tottempudi Kavita of Hyderabad based on a complaint filed by Union Bank.

3. The complaint was filed by Union Bank of India's industrial finance branch of Hyderabad filed the complaint against Totem.

3. Union Bank has alleged in its complaint that "the company had diverted funds by opening accounts outside the consortium and through payments of wages by showing excess expenditure and inflated stocks," according to a Mint report. An email sent to Union Bank of India did not elicit a response at the time of publishing the story.

4. Totem Infrastructure is involved in road construction, building construction, and water works.

5. A string of frauds, including Punjab National Bank and jeweller Nirav Modi, Rotomac's Vikram Kothari, and Simbhaoli Sugars have come to light recently, translating to a loss of nearly $2.5 billion to the banking system.

   
 
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