A case has been registered against SB Beverages Private Limited by the Central Crime Station in Hyderabad for allegedly cheating the Khairtabad branch of Syndicate Bank. SB Beverages is said to have cheated the Syndicate Bank up to 12 crores. The bank has filed a complaint with the company based on which Police have filed a cheating complaint against them.

The bank stated in its complaint that SB Beverages Private Limited is a new customer of their branch and a loan was sanctioned to the company to set up a mineral water plant at Cherlapally Industrial Area of Hyderabad.

The plant is located at Rampally on the outskirts of the city. The old factory is said to be in Cherlapally industrial area. RS 2.41 crore and Rs 9.42 crore is said to be released for the construction of the building and electrification of the building respectively. A collateral security of Rs 3.75 crore was taken by the bank in the form of old factory building and three residential buildings.

According to the bank officials, the company has submitted the invoices of purchased machinery for an amount of Rs 1.7 crore while the bank issued Rs 4.92 for that purpose. They failed to provide details of the utilization of the remaining money due to which bank officials have filed a case against the company.