Hyderabad: The Enforcement Directorate (ED) filed a prosecution complaint in Hyderabad against Saisree Engineers Private Limited (SEPL) and several others under the provisions of the Prevention of Money Laundering Act (PMLA).
The complaint, filed before the Special Court for CBI Cases in Hyderabad, was taken cognisance of on July 28.
ED initiated its probe based on an FIR registered by the CBI’s Economic Offences Wing (EOW) in Chennai against SEPL, its managing director Sagiraju Suryanarayana Raju, unknown bank officials, and others. The CBI later filed a chargesheet before a Nampally court.
According to the complaint, Raju allegedly defrauded the State Bank of India (SBI) by submitting forged documents and fictitious properties as collateral securities to obtain credit facilities.
ED investigations revealed SEPL cheated the bank to the tune of Rs 7.51 crore by systematically engaging in loan funds through its accounts. It was siphoned off and withdrawn in cash for Raju’s personal benefits.
Further, SEPL received Rs 13.53 crore from Bharat Coking Coal Ltd., which it deposited in a current account with Andhra Bank instead of using it to repay the loan money.
The amount was diverted through a series of transactions, including cash withdrawals, transfers to Raju’s personal accounts, employee accounts, and repayment of unrelated loans.
The ED has already attached three immovable properties worth Rs 3.11 crore belonging to Raju. Further investigations are underway.
