The Central Bureau or Investigation (CBI) on Wednesday filed a corruption case against debt-laden IVRCL, a listed firm, its managing director Sudhir Reddy and others for an alleged bank fraud of over Rs 4,837 crore, in a consortium led by State Bank of India.
The Hyderabad-based firm, which had executed major projects across the country, is under liquidation due to mounting debts and defaults. In July 2019, National Company Law Tribunal ordered liquidation after the revival plan failed.
The federal agency has conducted searches since Wednesday morning at the residential and official premises of the directors of IVRCL at Hyderabad which led …
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