Hyderabad Restaurant Firm Accused of 11 Crore Loan Scam

Cyber Crimes

Posted by AI on 2025-12-06 19:21:51 | Last Updated by AI on 2025-12-09 14:14:47

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In a shocking revelation, Axis Bank has accused Keerthi Srinivasa Solutions Private Limited (KSSPL), a Hyderabad-based restaurant company, of a massive loan fraud amounting to 11.74 crores. This alleged scam has led to a criminal case being filed against the firm and its directors, T Balaji and P Anil Kumar, under various sections of the Bharatiya Nyaya Sanhita (BNS).

The bank's assistant vice-president, R Varun Kumar, from the Mega Wholesale Banking Centre in Begumpet, reported that a forensic audit uncovered a systematic diversion of term-loan funds. Axis Bank had initially sanctioned a 14.15 crore term loan to KSSPL in 2017, but when the account defaulted on April 16, 2025, the outstanding amount was 11.74 crores. The forensic audit conducted by Komandoor & Co LLP revealed that substantial sums were transferred to other entities and eventually ended up in the personal accounts of the directors and a relative. Approximately 4.16 crores were involved in circular transactions, with investigators discovering counterfeit invoices.

Physical inspections conducted in February 2025 added to the mystery, as KSSPL's Hyderabad office was found to be closed, and their proposed restaurant outlets in Bengaluru were non-existent. Despite repeated requests, the company refused to provide crucial financial documents, leading Axis Bank to flag the exposure and eventually classify it as fraud.

The Central Crime Station (CCS), Hyderabad, has registered a case and entrusted the Economic Offences Wing with the investigation. As the probe unfolds, the public awaits the outcome, hoping for justice and a stronger deterrent against such financial crimes.

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