Hyderabad ED books Saisree Engineers for defrauding SBI of Rs 7.51 crore

Hyderabad: Sleuths of Enforcement (ED), Hyderabad, have filed a prosecution complaint against Saisree Engineers for defrauding the State Bank of India.

The ED investigation revealed that SEPL defrauded the bank and caused a loss to the tune of Rs 7.51 crore.

The ED initiated an investigation on the basis of an FIR registered by CBI, EOW, Chennai against Saisree Engineers and its management, bank officials, unknown public servants and unknown others.

Subsequently, CBI filed a chargesheet before the Additional Chief Metropolitan Magistrate, Nampally, Hyderabad, against Saisree Engineers and others.

What does the CBI chargesheet say?

As per the FIR and the chargesheet, SEPL and its founder and Managing Director, Sagiraju Suryanarayana Raju, defrauded the State Bank of India by producing forged/fabricated documents and fictitious properties as collateral securities and misled the bank about the owners of the properties for availing credit facilities from the bank.

SEPL systematically engaged in layering of loan funds through its bank accounts. Part of the loan funds were then siphoned off and withdrawn in cash, which was later used for the personal benefit of the directors of SEPL.

The ED investigation also revealed that SEPL received Rs 13.53 crore from Bharat Coking Coal, which they deposited in their current account held with Andhra Bank instead of their loan account with SBI. The said funds ought to have been used for repayment to settle dues with the lender bank.

However, SEPL engaged in a series of transactions such as withdrawal of cash, transfer to personal bank accounts of Sagiraju Suryanarayan Raju, transfer to employees’ bank accounts, repayment of other loans availed, etc., to further launder the Proceeds of Crime.

ED had earlier attached three immovable properties worth Rs 3.11 crore belonging to Sagiraju Suryanarayana Raju.

Further investigation is in progress.