Hyderabad: The Directorate of Enforcement (ED), Hyderabad zonal office has attached immovable properties worth Rs 3.11 crore of Sagiraju Suryanarayana Raju, the managing director of Saisree Engineers under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a case of alleged cheating and defrauding State Bank of India (erstwhile State Bank of Hyderabad) by depositing fake title deeds as security for availing bank finance.
The ED initiated an investigation on the basis of an FIR registered by CBI, Economic Offences Wing (EOW), Chennai under various sections of IPC, 1860 and Prevention of Corruption Act, 1988 against Saisree Engineers, its promoters/directors and others on the complaints of the bank.
As per the FIR, the company and its management hatched a criminal conspiracy and defrauded SBI by producing fabricated/forged documents and fictitious properties as collateral securities for availing credit facilities from the bank to the tune of Rs. 15 crore. The CBI, EOW, Chennai upon completion of its investigation filed a chargesheet dated 21 December 2020 against Saisree Engineers and its directors.
The ED investigation revealed that M/s SEPL, represented by its directors, had availed credit facilities to the tune of Rs. 15 crore from SBI and offered collateral security in the form of immovable property described as non-agricultural land named Visakhapatnam Urban Development Authority, said the officials.
However, the said property was found to be fictitious and was mortgaged on the basis of fabricated/forged documents.
PMLA investigation also revealed that out of facilities disbursed in the cash credit account of M/s SEPL, funds were dishonestly and fraudulently transferred to the personal account of Sagiraju Suryanarayana Raju maintained with Andhra Bank.
Further, rather than receiving funds into SEPL’s SBI loan account, M/s SEPL and its directors had diverted receivables to the tune of Rs. 13.53 crore from its vendor to another bank account of SEPL maintained with Andhra Bank and further diverted the same for SEPL’s business purposes, officials added.
Further investigation is under progress.
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