May 26, 2017
The Central Bureau of Investigation (CBI) has registered a case against four persons for allegedly causing a loss of Rs. 65 crores to State Bank of India.
The investigating agency today conducted searches at various locations in Chennai and Coimbatore, including the office and residences premises of the accused which led to the recovery of hard discs, laptop and certain sets of incriminating documents.
Following the Madras High Court orders, the CBI took over the case that was earlier registered by State Bank of India at Race Course Police station here against the four accused.
The State Bank had sanctioned credit facilities of Rs. 60 crores to Lavanya Jewellers on April 17, 2012, for manufacturing and selling gold and antique jewellery to reputed clients including MMTC and other local market players.
The credit facilities were overdue for renewal since April 16, 2013. It was further alleged that the credit facilities were secured by hypothicating the jewellery and collaterally secured by deposit of title deeds belonging to the accused promoter-directors and guarantors. The promoter-directors allegedly decamped with the jewellery pledged to the bank since June 3, 2013. The frequent contact with the promoter-directors for regularising the account did not yield any response. It was also alleged that the said accused persons absconded with their family members.
The accused persons allegedly defrauded State Bank of India, Commercial Branch, Coimbatore to the tune of Rs. 65 crore (approximately).
Further investigations are on.