The Central Bureau of Investigation on Saturday announced registration of a case against Hyderabad-based Golden Jubilee Hotels Private Limited, which owns Trident Hotel, in connection with an alleged Rs 1,285.45 crore bank loan fraud.
The CBI registered cases against the company and its directors including Laxmi Narayan Sharma, Arjun Singh Oberoi, Neha Ghambir and Yasdeep Sharma and others, besides some unknown public servants.
It was alleged that the promoters of the hotel availed financial credit limits by way of term loan of Rs 678.89 crore and non-fund based limit (NFBL) of Rs 50 crore under consortium arrangement led by Bank of Baroda, Hyderabad between 2009 to 2015.
“It was further alleged that during the implementation of the project, the company indulged in fraudulent trading and carried out suspicious transactions. The loan account became NPA on December 31, 2015 with outstanding amount of Rs 1285.45 crore,” the CBI note said.
The promoters were booked under various sections of the IPC including cheating, criminal conspiracy and criminal misconduct.
The Trident Hotel in Hyderabad shot into limelight with the staying of former US president Donald Trump’s daughter Ivanka Trump during the Global Economic Summit in November 2017.
Searches were conducted at four places including Hyderabad, Delhi at the premises of accused which led to recovery of incriminating documents.
“Investigation is continuing,” the CBI note said.