Hyderabad: ED files prosecution complaint against Saisree Engineers over Rs 7.51 cr SBI loan fraud case
The Enforcement Directorate has filed a prosecution complaint against Saisree Engineers Pvt Ltd and its MD S Suryanarayana Raju for defrauding SBI of Rs 7.51 crore, laundering funds via layered transactions, and diverting payments from Bharat Coking Coal Ltd
Hyderabad: The Directorate of Enforcement (ED), Hyderabad Unit, has escalated its investigation into alleged financial fraud, filing a Prosecution Complaint (PC) against Saisree Engineers Pvt Ltd (SEPL) and others, which was subsequently taken cognizance by the Special Court for CBI Cases.
The ED’s probe originated from a CBI FIR, which accused SEPL and its founder, Managing Director S Suryanarayana Raju, of defrauding the State Bank of India (SBI). The allegations include obtaining credit facilities by presenting forged documents, fictitious properties as collateral, and misrepresenting property ownership.
According to the ED’s findings, SEPL caused a loss of Rs 7.51 crore to the bank. The investigation revealed a systematic layering of loan funds through SEPL’s bank accounts, with a portion of the funds being siphoned off as cash for the personal benefit of the company’s directors.
Further, the ED found that the company received Rs 13.53 crore from Bharat Coking Coal Ltd., which should have been used to repay SBI dues, was instead deposited into SEPL’s current account with Andhra Bank.
From there, the funds were allegedly laundered through various transactions, including cash withdrawals, transfers to Suryanarayana Raju’s personal accounts, transfers to employee accounts, and repayment of other loans.
Earlier in the investigation, the ED had attached three immovable properties belonging to Suryanarayana Raju, valued at Rs 3.11 crore.
