ED raids Indumathi Refineries in Tamil Nadu

ANIMESH SRIVASTAVA 08/09/2018 18:07 PM


New Delhi, Sep 8: The Enforcement Directorate conducted nine raids in Tamil Nadu at Indumathi Refineries Pvt. Ltd. in connection with a bank loan case of Rs. 90 crore.

Indumathi Refineries is allegedly blamed for causing a loss to the State Bank of India worth RS. 90 crore. The raids are being conducted at the premises linked to R Shenbagan, who manages the company. Under Prevention of Money Laundering Act, a criminal case has also been filed.

In its complaint, ED 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. It 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 which was devolved on the bank later due to insufficient funds in their account and also diverted the  business proceeds which resulted into a pecuniary loss of around Rs 90 crore to SBI.”

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