New Delhi: The Central Bureau of Investigation (CBI) on Saturday registered a case against a Hyderabad-based company named Coastal Projects Ltd and its directors in connection for defrauding State Bank of India-led consortium of banks to the tune of Rs 4,736.57 crore, and carried out searches at several locations. Also Read - Gas Cylinder Explodes at Residence in Hyderabad's Mir Chowk Police Station Area, 13 injured

According to a CBI official, the investigating agency booked Coastal Projects Ltd, its Chairman and Managing Director and guarantor Sabbineni Surendra, MD and guarantor Garapati Harihara Rao, Whole-Time Director and Director Finance Sridhar Chandrasekharan Nivarthi, Whole-Time Director Sharad Kumar, Guarantor and Mortgagor A.K. Ramulu, K. Anjamma, Ravi Kailas Builders Pvt Ltd represented by its Managing Director/Director Ramesh Pasupuleti and Govind Kumar Inani and unknown public servants and others. Also Read - Hyderabad Swimmer Who Saved People From Suicides Starts 'Sonu Sood Ambulance Service'

The official said that the agency registered a case on a complaint from State Bank of India (SBI) on behalf of other member banks — IDBI Bank, Canara Bank, BOB, BOM, PNB, UBI, EXIM Bank — for causing an alleged loss of Rs 4,736.57 crore to the banks. Also Read - SBI PO Prelims 2020-21 Results LIVE NOW At, STEPS TO CHECK RESULTS AND DIRECT LINK HERE

The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, Central Bureau of Investigation (CBI) spokesperson R C Joshi said.

The company also allegedly gave wrong information on promoters’ contribution, converted receivables from related parties to investments to siphon off bank funds, he said.

The loan account of the company became a Non-Performance Asset with retrospective effect from October 28, 2013 and subsequently declared fraud on February 20 last year.

“Searchess were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada, which led to the recovery of several incriminating documents and other material evidence,” Joshi said.

(With Agency Inputs)