Marine foods firm defrauded banks of ₹225 crore: CBI
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The Central Bureau of Investigation has registered a case in opposition to a city-based marine foods firm on fees of defrauding 5 banks, together with Indian Overseas Bank and the State Bank of India, of ₹225.15 crore after availing itself of credit score amenities.
Authorised by the SBI, IDBI, ICICI and the Central Bank of India, Indian Overseas Bank led the consortium in lodging a grievance with the Economic Offences Branch of the CBI. It acknowledged that M.s Oceanic Edibles International Limited (OEIL) and its administrators Joseb Raj Arockiasamy, Vimalla Joseb, Arockiasamy James Walter and Arockiasamy Dominic Savio availed themselves of credit score amenities.
Loan quantity diverted
The accused individuals fraudulently submitted solid/false payments and falsified the books of accounts to get loans. After availing the credit score amenities, they diverted the mortgage quantity to their very own accounts/third get together accounts and abroad funds with out doing any real enterprise as claimed. The securities hypothecated to the banks weren’t accessible.
OEIL was initially engaged within the enterprise of shrimp hatchery after which established models for processing/advertising and marketing greens, fruits, and marine merchandise at Marakkanam, close to Chennai.
The complainant financial institution mentioned a suspicious transaction was noticed through the interval of demonetisation for the reason that firm had not deposited any quantity between November 8, 2016, and December 30, 2016, which raised doubts in regards to the genuineness of the money stability within the books of the firm.
While the corporate claimed that each one information, together with the ebook of accounts, had been misplaced within the 2015 floods, forensic auditors who visited the corporate’s workplace positioned at Wellington Estate, Egmore, have been knowledgeable {that electrical} installations on the premises have been protected and weren’t affected since energy provide had been lower upfront.
Untenable
“It is believed that they had been forewarned by the TNEB and in turn they have advised the building occupants of power stoppage. Hence the contention of the subject company that all of M/s OEIL’s records including book of accounts had been lost is untenable since there appears to be no basis,” IOB mentioned within the grievance.
