(Image source from: Sakshi.com)

TIL Directors Arrested In Rs 1394 Cr Fraud:- The Central Bureau of Investigation arrested the directors of Totem Infrastructure Ltd (TIL) in connection with the Rs 1394 crore loan fraud case. The investigation has been on and the fraud involved consortium of eight banks headed by Union Bank of India (UBI). Salalith Tottempudi along with his wife Kavita Tottempudi, the directors of Totem Infrastructure Ltd have been arrested in relation with the fraud. Some of the unidentified public servants too have been arrested in this case as a part of the investigation.

(Image Source: Hindustantimes.com)

Totem Infrastructure Ltd is said to have cheated UBI Industrial Finance Branch for Rs 313.84 crores. The State Bank of India tops the list and has been cheated with Rs 357.64 crores. Next to UBI are Bank of Baroda with Rs 208.67 crores, IDBI Bank for Rs 174.47 crores, PNB with Rs 126.30 crores, OBC with Rs 79.96 crores, Syndicate Bank for Rs 64.48 crores and J Financial Asset for Rs 69.07 crores. The total dues of Totem Infrastructure Ltd are said to be Rs 1394.43 crores. UBI in their statement revealed that Totem Infrastructure Ltd managed to get loans for their business expansion for the construction of road projects, building structures. Totem Infrastructure Ltd has been taking loans from UBI since November 2005.

(Video Source: NTV Telugu)