CHENNAI: Two State Bank of India officials in the Stressed Assets Management (SAM) branch along with the bank officials from Overseas Branch are under the scanner of Central Bureau of Investigation for allegedly cheating the bank by waiving a loan of Rs 90.92 crore of Quintegra Solutions, a public limited company.
The investigating agency has booked N Parthiban, case officer, SBI, SAM, and case lead officer S Murali Kumar along with SBI Overseas Branch officials, V Sankara Raman, son of K R Vaidyanatha, the then chairman and managing director of Quintegra Solutions, Melvettil Padmanabhan, non-executive chairman of the company, V Sriraman, full time director of the company and another son of Vaidyanathan, and independent directors R Kalyanaraman, Kamakshi Shankara Raman and G Venkatarajulu.
The charges against them were for cheating the bank by availing an initial loan of Rs 7.87 crore which was enhanced to Rs 114 crore. Later, the entire loan under One Time Settlement was settled for Rs 14.5 crore with a condition to write off assets under Custody against the outstanding total dues of Rs 214 crore.
The CBI said the entire loan amount was sanctioned without any collateral security.
Inspite of huge and staggering dues, the officials went ahead with One Time Settlement of Rs 14.5 crore which is a meagre amount by waiving the principal portion of term loan worth Rs 90 crore.