Enforcement Directorate searches nine places over Rs 90-crore bank fraud
They also diverted business proceeds which resulted in a pecuniary loss of around `90 crore to the SBI, sources said.
Published: 09th September 2018 02:46 AM
Enforcement Directorate(Image from official website for represenational purpose)
By Express News Service
CHENNAI: The Enforcement Directorate conducted searches at nine places in Virudhunagar, Madurai, Coimbatore and Chennai on Saturday after Indhumathi Refineries (IRPL), a Virudhunagar-based company came under scanner for its alleged bank loan fraud to the tune of `90 crore.
It is learnt that the IRPL had availed 46 letters of credit from the SBI, which were issued against bogus firms or fake invoices for a value of around `87.36 crore which was devolved on the bank later due to insufficient funds in their account. They also diverted business proceeds which resulted in a pecuniary loss of around `90 crore to the SBI, sources said.
The bank had filed a complaint with the CBI in Bengaluru, who registered an FIR, conducted investigation and filed charge-sheet against IRPL, and its directors and partners - R Shenbagan, R Rajan, Raji Shenbagan, Thirumagal Rajan and few employees of IRPL and State Bank of India, among others.
ED sources said that R Shenbagan, R Rajan, S Raji, and R Thirumagal did not disclose the details of financial transactions or properties involved and the bank accounts as such the searches were carried out.
They also diverted business proceeds which resulted in a pecuniary loss of around `90 crore to the SBI, sources said.
Published: 09th September 2018 02:46 AM
Enforcement Directorate(Image from official website for represenational purpose)
By Express News Service
CHENNAI: The Enforcement Directorate conducted searches at nine places in Virudhunagar, Madurai, Coimbatore and Chennai on Saturday after Indhumathi Refineries (IRPL), a Virudhunagar-based company came under scanner for its alleged bank loan fraud to the tune of `90 crore.
It is learnt that the IRPL had availed 46 letters of credit from the SBI, which were issued against bogus firms or fake invoices for a value of around `87.36 crore which was devolved on the bank later due to insufficient funds in their account. They also diverted business proceeds which resulted in a pecuniary loss of around `90 crore to the SBI, sources said.
The bank had filed a complaint with the CBI in Bengaluru, who registered an FIR, conducted investigation and filed charge-sheet against IRPL, and its directors and partners - R Shenbagan, R Rajan, Raji Shenbagan, Thirumagal Rajan and few employees of IRPL and State Bank of India, among others.
ED sources said that R Shenbagan, R Rajan, S Raji, and R Thirumagal did not disclose the details of financial transactions or properties involved and the bank accounts as such the searches were carried out.
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