AP firm booked by CBI for bank fraud

New Delhi: The CBI on Thursday booked a Hyderabad-based construction and infrastructure company for allegedly defrauding a consortium of eight banks to the tune of over Rs 1,394 crore.

Sources said Totem Infrastructure Ltd, which worked as a sub-contractor for several major infrastructure companies, and its promoters Tottempudi Salalith and Tottempudi Kavita were named in the CBI FIR, registered on the basis of a complaint from the Union Bank of India, one of the eight banks. The company figured in the list of the biggest tax defaulters released by the Income Tax Department in 2015.