Hyderabad:Telecom equipment maker VMC Systems Ltd Managing Director, V Himabindu has been arrested by the Enforcement Directorate on charges of embezzling Rs 3.316 crores from banks. In 2018, the CBI registered a case against VMC Systems Limited for defrauding various banks in the name of loans.
The CBI has registered and investigated the entire case under the Prevention of Money Laundering Act based on the FIR. VMC Systems owes about Rs 3,316 crore to various banks. ED said a forensic audit revealed that the loans had been transferred in the name of various companies. According to the ED, VMC Systems paid a 3 per cent commission to PIS Ltd, which has nothing to do with BSNL tenders.
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