The Central Bureau of Investigation (CBI) has booked a Chennai-based textile bleaching firm, its directors, and promoters on charges of cheating IDBI Bank to the tune of ₹12 crore. According to the First Information Report (FIR), Sri Lakshmi Saraswathi Spintex Ltd fraudulently availed various credit facilities from the bank and subsequently diverted and misappropriated the funds, causing a wrongful loss to the bank.
Loan Turned Non-Performing Asset
The loan account turned into a non-performing asset (NPA) in February 2019 and was subsequently declared a fraud. With due consent from the Tamil Nadu government, the CBI has registered a case and taken it up for investigation.
Accused Named in FIR
Sri Lakshmi Saraswathi Spintex Ltd, along with its erstwhile promoters B Sarath Chandra, C S Aditya Praveen, and S Naveen Chandra, have been booked on cheating charges under the Prevention of Corruption Act. The case was registered by the special task branch of the CBI in Chennai based on a complaint from IDBI Bank's general manager.
Modus Operandi
The FIR alleges that the accused company availed credit facilities through fraudulent means and then siphoned off the funds for purposes other than those for which the loans were sanctioned. The bank suffered a wrongful loss of approximately ₹12 crore due to these actions.
The CBI investigation will focus on tracing the diverted funds and identifying any other individuals or entities involved in the alleged fraud. Further legal proceedings are expected as the probe progresses.
