Chennai: ED sleuths raided the properties of Indumathi Refineries Private Limited in connection with a bank fraud case under the Prevention of Money Laundering Act (PMLA).
According to sources, such raids were conducted simultaneously at nine places across the state including Chennai, Virudhunagar, Madurai and Coimbatore. Based on complaints that the firm cheated banks with forged documents to get a loan up to '90 crore to State Bank of India. The ED conducted searches in firm’s offices and houses of its proprietors too.
Indhumathi Refineries Private Limited had taken at least 46 letters of credit from the SBI, issued against invoices to the tune of Rs 87.36 crore. Later, the bank lodged a complaint with the Central Bureau of Investigation (CBI). The CBI in turn registered an FIR and filed a chargesheet against the company.
