Chennai: CBI investigates loan fraud case against engineering company | Chennai News


CHENNAI: The Chennai CBI has initiated bribery proceedings against a Sriperumbudur-based company and its Chennai-based directors for loan fraud committed on Bank of India.
The investigative agency said it received a complaint against Pesco Beam Environment Solutions Pvt Ltd, its managing director Subramaniam Anantharaman, executive director Shankar Anantharaman and the bank’s director Lucinus Staengi. CBI said the company received an export packaging credit limit of 25 crore from the bank in 2012, 50 crore from the Indian Overseas Bank and 25 crore from the Vijaya Bank. .
The company deals with engineering, procurement and construction projects.
The accounts were declared non-performing assets in June 2016. The bank alleged that the company reported its financial details with inflated income via unbilled income of 125.5 crore, which was false as this income was not going be achieved.
Export invoices were channeled through other banks despite projects financed by the BoI. Manufactured audited financial statements have also been submitted to Bank of India. When the SARFAESI action was initiated, the bank was only able to recover 20% of the amount and the remaining 10.38 crore was not paid.
This is the reason why an FIR was filed for bribery, forgery and cheating against the company and the directors, the CBI said.
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