HYDERABAD: The Enforcement Directorate, Hyderabad Zonal unit has filed a prosecution complaint before the Special Court for CBI cases, Hyderabad against M/s Saisree Engineers Pvt. Ltd (SEPL) and others under the provisions of Prevention of Money Laundering Act (PMLA).
The agency has initiated investigation on the basis of an FIR registered by CBI’s Economic Offences Wing (EOW), Chennai against M/s Saisree Engineers Pvt Ltd. and its management, bank officials, unknown public servants and others.
Subsequently, CBI filed a charge sheet before the XXI Additional Chief Metropolitan Magistrate, Nampally, Hyderabad against M/s Saisree Engineers Pvt. Ltd and others. As per the FIR and charge sheet, M/s 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 also misled the bank about owners of the properties for availing credit facilities from the bank.
The agency investigation revealed that M/s SEPL defrauded the bank and caused a loss to the tune of Rs 7.51 crore. M/s 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 Part of the loan funds were then siphoned off and withdrawn in cash, which was later used for the personal benefit of the directors of M/s SEPL.
ED investigation also revealed that M/s SEPL received an amount of Rs 13.53 crore from M/s Bharat Coking Coal Ltd. which they deposited in their current account held with Andhra Bank instead of its loan account with SBI.
The said funds ought to have been used for repayment to settle dues with the lender bank. However, M/s SEPL engaged in a series of transactions such as withdrawal of cash, transfer to personal bank accounts of Sagiraju Suryanarayana Raju, transfer to employee’s 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 Suryanarayana Raju.
CBI’s report led to investigation
The money laundering probe was initiated by an FIR registered by CBI’s Economic Offences Wing in Chennai against SEPL, its management, bank officials, and unidentified public servants. A chargesheet was later filed by the CBI before XXI Additional Chief Metropolitian Magistrate, detailing how company and its managing director defrauded the State Bank of India through forged documents