New Delhi, Aug 12 (UNI) The Central Bureau of Investigation (CBI) today conducted coordinated search operations in connection with a case related to the Bank fraud of Rs 120.8 crore against Padmaadevi Sugars Limited.
The searches were conducted at the premises belonging to Appu Hotels Ltd and Otium Wood Industries.
These two Companies have suspicious transactions with Padmaadevi Sugars Limited.
This case was registered against M/s Padmaadevi Sugars Limited, a Kanchipuram-based company at CBI, BSFB Bengaluru Branch following the directions of the High Court of Madras.
The case was registered based on a complaint from Indian Overseas Bank, (Chennai Branch), alleging that a Kanchipuram-based company, along with its associated entities and unknown public servants, committed offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of Rs 120.84 crores to the Bank.
The allegations in the FIR include fraudulent availing of various credit facilities from Indian Overseas Bank, misappropriation of property, diversion of bank funds to sister concerns and unrelated entities, siphoning of funds to related parties, interest-free advances to private firms, and cash deposits of suspicious origin during the period of demonetisation.
The company and its associated entities are also suspected to have transferred funds to shell or benami concerns to conceal the end use of the borrowed amounts.
Searches were carried out at six locations in Tamil Nadu, including Tenkasi, Chennai, and Tiruchirapalli.
The premises covered included residential properties linked to the accused company’s directors and officers, as well as business establishments that have suspicious transactions with the accused company, including two private companies, which led to the recovery of incriminating documents and digital evidence, including records relating to the diversion of funds, and other materials relevant to the investigation.
