South Africa tour of India 2019
Hyderabad Engineering Firm Faces ED Action for Rs 15 Crore Bank Fraud
The Directorate of Enforcement (ED) in Hyderabad has attached properties worth Rs. 3.11 crore belonging to Sagiraju Suryanarayana Raju, Managing Director of Saisree Engineers Private Limited (SEPL), under the Prevention of Money Laundering Act (PMLA), 2002.
This action follows allegations of the company defrauding the State Bank of India (formerly State Bank of Hyderabad) by using fake title deeds as collateral to secure loans. The Central Bureau of Investigation's Economic Offences Wing in Chennai had initially investigated the case, leading to a charge sheet filed in December 2020.
Investigations revealed that SEPL and its directors fraudulently obtained Rs. 15 crore in credit facilities using fabricated documents. The funds were diverted to personal accounts and other bank accounts rather than being used as intended. The ED's investigation is ongoing.
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