CBI Headquarters (File Photo | PTI)
CBI Headquarters (File Photo | PTI)

CBI intensifies probe against Kyori Oremin for defrauding bank

It was also reported that the accused company had transferred shares to one Prakash Naidu in violation of the Companies Act.

HYDERABAD: The Bank of Maharashtra forensic audit report has indicated that the city-based Kyori Oremin Limited, which is into coal imports, has swindled the bank of Rs 43 crore. Days after the Central Bureau of Investigation (CBI), Hyderabad officials, registered cases against the company and its directors, the CBI intensified the probe into the bank fraud.

According to CBI officials, the directors of the company — Ishoo Narang, Chandulal Patel and Rudra Raju Srinivas Shah — obtained loan from the Bank of Maharashtra and duped it by not repaying.

In the forensic audit report, the Bank of Maharashtra zonal manager (Hyderabad) Divesh Dinakar said the accused company had availed loans from various banks under multiple banking arrangements, including the Bank of Maharashtra, between 2013 and 2016.

“In 2013, the Khairatabad branch of the bank had sanctioned Rs 5 crore under cash credit (CC) and Rs 15 crore under Inland/ Foreign letters of credit to the accused company by taking a collateral,” the bank officials told the CBI. Later, the loan amount was increased to Rs 23 crore. After two years, the company posted a loss for 2014-2015 and started defaulting its payment from May 2015.

The forensic audit report has found fault with the company for not providing the required documents for a meaningful audit. It said the purchase transactions and corresponding sales transactions performed by the company were not genuine. The company might have diverted the funds illegally.

It was also reported that the accused company had transferred shares to one Prakash Naidu in violation of the Companies Act.

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