CBI books bank officials in ₹14cr housing scam
TIMES NEWS NETWORK
Chennai: The CBI has booked 44 people including top retired officials of the State Bank of India in Chennai for a ₹14 crore housing scam.
The retired SBI officials entered into a criminal conspiracy in 2015-16 with Shreepavi Constructions, a company owned by a builder S Alagesan, and sanctioned loans to ineligible persons on the basis of forged documents to help Alagesan, said the CBI. This caused a loss of ₹13.77 crores to the erstwhile State Bank of Mysore, which has now been merged with SBI.
The bank employees named as accused are Premlatha Vaikal, then chief manager of SBM, Shastri Nagar, K Jagadeeswara Rao, AGM (retired), SBM, N Bupesh, chief manager (retired) at the bank, V Saaikumar, chief manager SBI (maintenance), M Srikumar, deputy manager (sanction), VVSN Raju, deputy manager (maintenance) and Arumugam, deputy manager (maintenance). Thirty-four borrowers are also named as coaccused. A case of criminal conspiracy, cheating, forgery and criminal misconduct by public servants has been made out.
In order to fund eight projects in and around Chennai, Alagesan had allegedly conspired with the bank employees to create namesake borrowers from SBI. Documents like the income details, bank account statements, salary slips, IT returns and Form-16 of these prospective buyers were either not obtained or verified properly by the bank officials.
The bank officials had recommended, processed, sanctioned and disbursed the loans despite knowing that some flats were not occupied. Twelve flats were not fully constructed yet full disbursement was made, the documents of 34 borrowers were fabricated and inspection reports on the progress of construction were not accurate.
The valuation of these flats and houses under construction was inflated to the extent of the margin money required to be brought in by the borrowers, said the CBI. The valuation was done by Natarajan and his associates and legal opinion of the loans was offered by the empanelled advocate KRA Muthukrishnan who did not verify the documents properly. Both have also been named as co-accused.
TIMES NEWS NETWORK
Chennai: The CBI has booked 44 people including top retired officials of the State Bank of India in Chennai for a ₹14 crore housing scam.
The retired SBI officials entered into a criminal conspiracy in 2015-16 with Shreepavi Constructions, a company owned by a builder S Alagesan, and sanctioned loans to ineligible persons on the basis of forged documents to help Alagesan, said the CBI. This caused a loss of ₹13.77 crores to the erstwhile State Bank of Mysore, which has now been merged with SBI.
The bank employees named as accused are Premlatha Vaikal, then chief manager of SBM, Shastri Nagar, K Jagadeeswara Rao, AGM (retired), SBM, N Bupesh, chief manager (retired) at the bank, V Saaikumar, chief manager SBI (maintenance), M Srikumar, deputy manager (sanction), VVSN Raju, deputy manager (maintenance) and Arumugam, deputy manager (maintenance). Thirty-four borrowers are also named as coaccused. A case of criminal conspiracy, cheating, forgery and criminal misconduct by public servants has been made out.
In order to fund eight projects in and around Chennai, Alagesan had allegedly conspired with the bank employees to create namesake borrowers from SBI. Documents like the income details, bank account statements, salary slips, IT returns and Form-16 of these prospective buyers were either not obtained or verified properly by the bank officials.
The bank officials had recommended, processed, sanctioned and disbursed the loans despite knowing that some flats were not occupied. Twelve flats were not fully constructed yet full disbursement was made, the documents of 34 borrowers were fabricated and inspection reports on the progress of construction were not accurate.
The valuation of these flats and houses under construction was inflated to the extent of the margin money required to be brought in by the borrowers, said the CBI. The valuation was done by Natarajan and his associates and legal opinion of the loans was offered by the empanelled advocate KRA Muthukrishnan who did not verify the documents properly. Both have also been named as co-accused.
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