Case against Leo Meridian Infrastructure project in Hyderabad

Q: Hi, Wasn't there a case against Leo Meridian Infrastructure company for some things. Can I know more details about this?

Ramakrishna, Hyderabad

24th March 2015

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Replies (7)

Hmm...It is also alleged that the projects for which company took loans were not completed. Due to nonpayment of interests, several of the accounts were classified as NPAs. The alleged fraud took place from 2007 to 2013. The case has been entrusted to the Bangalore Banking Securities and Fraud Cell.

Suraj.V, Hyderabad

28th March 2015

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You know what...that the company has also taken loans from Union Bank of India, Andhra Bank, SBI, Corporation Bank, IOB, Allahabad Bank, State Bank of Mysore and Bank of India to the tune of Rs 450 crore.

Ramya Janagam, Hyderabad

27th March 2015

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Yeah..that's true. The complainant alleged that the properties were not identified and failed to bring the stipulated margin from the company. Another allegation is that the company mortgaged land that had already been plotted and sold.

Pravallika, Hyderabad

27th March 2015

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You know, I think that the LMIPHL also allegedly mortgaged an upcoming hotel, comprising 265 rooms, and another hotel of 903 rooms situated in Bommarasapet in Shamirpet. There are also other allegations as well, i guess.

Praneeth Kumar, Hyderabad

26th March 2015

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Yeah..I can explain. You know that bank has alleged that the company used forged documents and submitted a project report for 18 floors for the hotel though HMDA had given permission for only 13 floors.

Tinku Patel, Hyderabad

26th March 2015

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Actually, the company is engaged in real estate and establishment of hotels and water parks. It also owns the Leo Meridian Resorts in Shamirpet. now what has happened is that the CMD of LMIPHL, G.S. Chakravarthi Raju, and others have been booked based on a complaint filed by Bank of Baroda.

Dhananjay, Hyderabad

25th March 2015

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Hey yeah...that is true. Recently, in the news there was this article about the FIR against the Leo Meridian Infrastructure company officials. The Central Bureau of Investigation has issued an FIR against the CMD and other directors of city-based Leo Meridian Infrastructure Projects and Hotels Limited for allegedly cheating Bank of Baroda to the tune of Rs 149.91 crore.

Shiva Kuchibhottlla, Hyderabad

24th March 2015

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