HYDERABAD: The Telangana High Court, on Friday, dismissed the petitions filed by Ishoo Narang and two others of Kyori Oremin Limited, against whom CBI and ED investigations are in progress with regard to the loan fraud case.
It is alleged that the said company had availed credit facilities from different banks, including the Central Bank of India, State Bank of India, Bank of Baroda, ICICI Bank, and Bank of Maharashtra, for coal trading.
The probe agencies alleged misappropriation of 140 crore of public money by the accused petitioners.
Considering the seriousness of the offences committed by the accused petitioners, Justice K Lakshman recently dismissed the petitions filed by Narang, managing director of Kyori Oremin company, Chandulal Patel and Rudra Raju Sriinivas Shah, company’s non-executive directors, which sought to quash the FIRs registered against them by the CBI and ED.
After hearing both the sides, Justice Lakshman dismissed the petitions saying that the accused persons had committed fraud not only against one or two banks, but against the public in general, and that it was an economic offence.