The Central Bureau of Investigation (CBI) has registered a case based on a complaint filed by Union Bank of India against Hyderabad-based Totem Infrastructure, alleging it was cheated to the tune of Rs 303.84 crore by the company.

The complaint mentions promoters and directors Tottempudi Salalith and Tottempudi Kavita as the accused in the case. The company allegedly took a loan from a consortium of 8 banks, of which UBI was the lead bank.

The total dues outstanding for the consortium is Rs 1,394.43 crore. The account became a non performing asset (NPA) on June 30, 2012 after a default on the loan and interest payments.

Totem Infrastructure was in the business of road construction, building construction, and water works. It was also a sub contractor for the likes of L&T, RITES, and IRCON International.

It is alleged that expenses such as wages, against which the funds were given, were inflated. The funds were also allegedly diverted.

The bank said that the borrowers and promoters are currently absconding and that their present whereabouts are unknown. The CBI has tracked their location to Hyderabad and a search is currently underway.