CHENNAI: The anti-corruption bureau (ACB) of CBI has booked a case against Coimbatore-based Everon Castings Pvt Ltd and its seven directors for allegedly cheating the State Bank of India’s Coimbatore city branch of Rs 25.6 crore.
The FIR was registered on July 15. The firm was a foundry engaged in the manufacturing of steel and other casting components. The directors were identified as Rajesh, B Balasubramaniam, R Andal, T Prabhakar, S Balaji, S Dhanalakshmi and MV Srinivasan.
In the FIR, CBI said they had taken loans from the bank but had not given proper information about themselves. As they did not repay the loan, which was later classified as non performing asset (NPA), the account was marked as fraud in January 2023.
The CBI has attached a detailed list of irregularities against the company by the bank’s forensic audit, which includes crores diverted to a sister concern and non-transparency in dealings. Quoting the audit, CBI in its FIR noted the bank’s fear that the accused may attempt to escape from the jurisdiction of the courts and investigation agencies and hence approached the agency to issue lookout notice and impound their passports.