CHENNAI : The CBI has booked five bank officers, a firm involved in wind power generation and 12 others for their alleged involvement in cheating and misappropriation of funds of the SBI (erstwhile State Bank of Hyderabad) worth `31.99 crore.The CBI said Connect Wind Pvt Ltd, which had directors Badri Kasturi, AN Vijaya Raghavan and Satyan Kasturi, had taken a term loan of `35.70 crore for setting up 7.8-MW wind power phase-II project at Theni. The execution of the project was entrusted to EPC contractor Trishe Renewable Energy Solutions on turn-key basis.
The loan was taken with securities of immovable properties and plant and machineries provided by the company. Personal guarantee was given by Badri Kasturi and corporate guarantee was given by PPS Enviro Power Pvt Ltd and Sun Power Solar Technick.
During an inspection by the bank, it was found the units were not established and out of 13 properties, only seven were formed by the company to erect windmills and there was no machinery till date. The credit facility advanced to the company had been diverted and not used for the purpose for which it was sanctioned. A demand notice under Sarfesi Act was issued to the company for recovery and account of the company was classified as non-performing asset, as on February 29, 2016, for non-servicing of interest on term loan disbursed. The account was classified as one of fraud on November 19, 2016.
The CBI alleged in its FIR, accessed by Express, that the Connect Wind and its directors, siphoned off public funds of `20 crore. The firm indulged in misappropriation of public funds with malafide intention of cheating.