Hyderabad: The Directorate of Enforcement (ED) here attached immovable properties worth Rs 3.11 crore of Sagiraju Suryanarayana Raju, managing director of Saisree Engineers Private Limited (SEPL) on Tuesday in a bank fraud case.
Officials said the properties were attached as part of the ongoing investigation against the company for cheating and defrauding SBI, erstwhile State Bank of Hyderabad, by submitting fake title deeds as security to avail a bank loan to the tune of Rs 15 crore.
The ED officials initiated the investigation against the company after the CBI’s economic offences wing (EOW), Chennai, filed an FIR against SEPL and its directors.
The ED investigation revealed that SEPL directors had availed the loan of Rs15 crore from SBI by offering collateral security of a non-agricultural land located in the Visakhapatnam Urban Development Authority limits. The property was found to be fictitious.
The money laundering investigation revealed that SEPL fraudulently transferred the borrowed funds to the personal account of Raju. Further, it did not receive the receivables of Rs 13.53 crore from a vendor into its SBI loan account but deposited them in another of SEPL’s another bank account.
