The Central Bureau of Investigation (CBI) on Saturday said that it carried out searches at four locations in Hyderabad and Delhi on the premises linked to Golden Jubilee Hotels Private Linited and its directors in connection with a bank fraud case.
A CBI spokesperson said that the agency sleuths carried out the searches led to the recovery of several incriminating documents. The searches come after the CBI registered a case against Golden Jubilee Hotels Private Ltd., its directors Laxmi Narayan Sharma, Arjun Singh Oberoi, Neha Ghambir, Yasdeep Sharma and unknown public servants.
The spokesperson said it was alleged that the private company represented by its directors availed financial credit limits by way of term loan of Rs 678.89 crore and NFBL of Rs 50 crore under consortium arrangement led by Bank of Baroda, Hyderabad between 2009 to 2015.
He said it was also alleged that during the implementation of the project, the company indulged in fraudulent trading and carried outA suspicious transactions.
“The loan account became NPA on December 31, 2015 with outstanding amount of Rs 1,285.45 crore,” he added.