Tottempudi Salalith, wife Kavitha arrested

Accused of defrauding the Union Bank of India of nearly ₹1,394 crore

March 24, 2018 12:26 am | Updated 05:16 pm IST - HYDERABAD

Industrialist Tottempudi Salalith and his wife Tottempudi Kavitha, accused of defrauding the Union Bank of India of nearly ₹1,394 crore, were arrested here on Friday by the Central Bureau of Investigation (CBI) officials.

The CBI had issued an FIR two days ago, registering a criminal case against the couple and public servants who had allegedly helped the couple cheat the bank. Salalith is Promoter Director of M/s Totem Infrastructure Limited. His wife is the director of M/s Totem Infrastructure Limited. Offices of both the companies were located in Banjara Hills. The Hyderabad-based companies allegedly duped the UBI having secured bank loans from a consortium of eight banks. The loans availed by the industrialist couple became non-performing assets six years ago as they failed to repay the loans.

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