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Home / News / India News / TN: ED raids 9 places in Rs. 90cr bank fraud
  • India

    TN: ED raids 9 places in Rs. 90cr bank fraud

    Aakanksha Raghuvanshi
    Written by
    Aakanksha Raghuvanshi
    Mail
    Last updated on Sep 08, 2018, 06:03 pm
    TN: ED raids 9 places in Rs. 90cr bank fraud
  • The Enforcement Directorate (ED) on Saturday conducted searches at nine locations in Tamil Nadu in connection with an alleged Rs. 90 crore bank loan fraud money laundering case, officials said.

    Searches are being conducted at Virudhunagar, Madurai, and Coimbatore in connection with its probe involving Indhumathi Refineries Pvt Ltd (IRPL).

    A criminal case under the Prevention of Money Laundering Act (PMLA) has been filed.

  • In this article
    ED raids residential and business premises linked to R Shenbagan Indhumathi Refineries caused a loss of Rs. 90cr to SBI
  • The case

    ED raids residential and business premises linked to R Shenbagan

    ED raids residential and business premises linked to R Shenbagan
  • The company, IRPL, is managed by R Shenbagan and others. Residential and business premises linked to him are being raided, officials said.

    "IRPL was enjoying cash credit facilities, Letter of Credit (LOC) facilities and term loan from State Bank of India's overseas branch in Chennai," they said.

    The ED has filed its PMLA case against the firm based on a CBI FIR.

  • Bank loans by SBI

    Indhumathi Refineries caused a loss of Rs. 90cr to SBI

    Indhumathi Refineries caused a loss of Rs. 90cr to SBI
  • "It (IRPL) had availed a total of 46 LOCs from the SBI which were issued against bogus firms/fake invoices for a value of around Rs. 87.36 crore," ED said.

    "The amount was devolved on the bank later due to insufficient funds in their account and also diverted the business proceeds which resulted into pecuniary loss of around Rs. 90 crore to SBI," it added.

  • Tamil Nadu
  • State Bank of India (SBI)
  • Enforcement Directorate
  • State Bank of India
  • Money Laundering Act
  •  
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