Properties of Financiers Attached by ED for Loan Fraud

Published: 25th September 2014 06:02 AM  |   Last Updated: 25th September 2014 06:02 AM   |  A+A-

CHENNAI: The Enforcement Directorate, Chennai, attached land and buildings belonging to a private company charged with loan fraud to the tune of a whopping `45 crore, on Wednesday.

According to the agency, G Srinivasan of Udumalpet and others have cheated Global Trade Finance Ltd (GTFL) presently known as SBI Global Factors Ltd by availing loans for `45 crore.

The loans were got in the names of various concerns by submitting false and forged sale invoices drawn on non-functional, fictitious buyers or debtors.

Based on a complaint, the Bank Securities and Fraud Cell of the CBI, Bangalore,filed chargesheets. Based on the chargesheets, a money laundering case was registered by the Enforcement, Chennai.

Investigations revealed that Srinivasan had used part of the fraudulently obtained loans to acquire Sakthi Aisvarya Spinning Mills Private Ltd in Namakkal district.

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