The CBI has booked Hyderabad-based telecom equipment manufacturer VMC Systems and its promoters in an alleged bank fraud case of Rs 17 billion on the complaint of Punjab National Bank, which is reeling under the $ 2 billion fraud committed by jewellers Nirav Modi and Mehul Choksi. The Central Bureau of Investigation (CBI) registered an FIR against the company and its promoters--Vuppalapati Hima Bindu, Vuppalapati Venkat Rama Rao and Bhagavatula Venkat Ramanna-- in a case of criminal conspiracy, cheating and forgery, officials said Thursday. The agency carried out searches at three locations in Hyderabad i.e at the residence and office of the directors, they said. According to the complaint by the PNB, the company defaulted on repayment of loans worth over Rs 17 billion to a consortium of banks. It has alleged Rs 5.39 billion as outstanding dues towards itself, while remaining Rs 12.07 billion is pending towards the State Bank of India, Corporation Bank, Andhra Bank and JM Financial Assets Reconstruction Company.
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