Central Bureau of investigation said the accused diverted funds, manipulated books of accounts (File)
The Central Bureau of Investigation (CBI) has charged Parikh Fabrics Private Limited and its directors for alleged defaulting on loan worth Rs 173.76 crore nine years ago in a consortium led by the State Bank of India, officials said on Thursday.
After charging the company and its directors Nikhil B Parikh and Rita Parikh, the CBI has carried out searches at two locations in Hyderabad and one in Chennai, they said.
The account of the company which had availed credit facilities from the largest public sector bank from 2013 to 2010 was declared a non-performing asset on August 30 in 2011, CBI spokesperson RC Joshi said.
"It was also alleged that the accused diverted funds and manipulated books of accounts, causing loss to the tune of Rs 173.76 crore (approximately) to the bank," he said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)