Hyderabad: Central Investigation Bureau (CBI) has registered fraud against the Saptarishi Private Limited hotel and the Private Hotel Limited project and the promoter for bank loan fraud is RS 160 Crore.
The complaint was submitted by Punjab National Bank.
The CBI accused that the Saptarishi hotels were 4 star hotel developers, service apartments, and convention centers called Tree Double by Hilton.
This property is being built based on public-private partnerships with the National Institute of Dr.Y.s.r Tourism & Hospitality Management (Nithm).
Nithm has rented 3 hectares of land for a period of 33 years in November 2010 to Saptarishi.
The CBI accused the Maha hotel projects and promoters of LN Sharma, Yash Deep Sharma and Suneeta Sharma are Sanction Credit Facilities RS 108 Crore from PNB and RS 96 Crore Futures Loans from Punjab & Sindh Bank which amounted to a total RS 205 Crore from A Bank Consortium.
“The defendant failed to execute securities needed to get a bank to secure timely payments from the number of loans.
The initial date of the project operation was January 31, 2014 but it shifted to February 2016 and therefore the commencement of repayment of extended loans.
Because non-payment loans turned into NPA on In May 2016.
Although some reminders by landing barking, the defendant had not submitted information to conduct a forensic audit, “the alleged CBI in FIR.
Directors of Hotel Saptarishi and Maha and divert funds.
Apart from the two companies accused, CBI is also named L N Sharma, Yash Deep Sharma, Suneeta Sharma, Agastya Trade Links, Khandal Trading India, Distributor of Rajanigandha, Simbiosis Airworks and others.