CBI arrests promoters of Totem Infrastructure in Rs 1,394 cr fraud case
The CBI arrested Tottempudi Salalith and Tottempudi Kavita, the promoters of Totem Infrastructure Ltd, in connection with an alleged Rs 1,394-crore fraud perpetrated against a consortium of eight banks, officials said.
The agency had named the company, which worked as a sub-contractor for several major infrastructure firms, and its promoters in an FIR filed on the basis of a complaint from the Union Bank of India, one of the eight banks, they said.
The bank alleged in the complaint that it suffered a loss of Rs 313.84 crore as the loans given to the company had become NPA in June 2012.
They said the total dues towards the consortium stand at Rs 1394.43 crore.
It is alleged that the loans taken from the banks for various projects were diverted for purposes other than they were meant for and to personal accounts of the promoters.
The company figured in the list of the biggest tax defaulters released by the Income Tax Department in 2015 with an outstanding tax of over Rs 400 crore.
The I-T department had in 2015 also announced a reward of up to Rs 15 lakh to informants for tracing the company, calling it “untraceable”, and other defaulters in the list.