Sunday, August 14

Tag: 90 crore bank fraud


90 Crores bank loan fraud by Indhumathi Refineries Private Limited

The Enforcement Directorate conducted a series of raids in 9 locations in Tamil Nadu in relation to a bank loan fraud case which is worth 90 Crores involving a company named Indhumathi Refineries Private Limited (IRPL). The raid was conducted in the premises of the company which allegedly caused a loss of approximately 90 Crores to the State Bank Of India(SBI). IRPL was enjoying Cash Credit facilities, Letter of Credit(LOC) facilities as a well as term loan from State Bank Of India overseas branch in Chennai. It has availed a total of 46 LOC that were issued against bogus firms/fake invoices for a value of around 87.36 Crores which was then devolved on the bank due to insufficient funds in their account and also deviated the business proceeds which resulted into a financial loss to State...