FIR against Chennai-based firm, its directors for cheating SBI of over Rs 88 cr
Jul 06, 2020
Chennai (Tamil Nadu) [India], July 7 : Central Bureau of Investigation (CBI) has filed an FIR against Chennai-based Thangam Steels Limited and its directors for allegedly cheating State Bank of India (SBI) to the tune of over Rs 88 crore.
The FIR was registered based on the complaint by S Ravichandran, Deputy General Manager, State Bank of India, Stressed Assets Management Branch alleging that M/s Thangam Steels Limited availed Fund Based credit facilities to the extent of Rs 109 Crores and misappropriated the same by way of submitting forged and fabricated documents and thereby cheated the Overseas Bank of SBI, Chennai to the tune of Rs 88.27 crores.
"A complaint vide reference SAMB/CLO 1/211 dated 25.06.2020 was received from S Ravichandran, Deputy General Manager, State Bank of India, Stressed Assets Management Branch, Red Cross Buildings, No.32, Red Cross Road, Egmore, Chennai-600 008, against M/S Thangam Steels Limited (TSL) & Others," read the FIR.
"The complaint alleges that M/s Thangam Steels Limited, a Private limited company having Registered Office at C-36, 20 Avenue, 4th Floor, Anna Nagar, Chennai 600 040, represented by its Managing Director Shn PS Krishnamurthy and Directors Smt PK Vadivambal and Shri PK Srinivasan, in criminal conspiracy with each dishonestly and fraudulently availed Fund Based credit facilities to the extent of Rs. 109 Crores and misappropriated the same by way of submitting forged and fabricated documents and thereby cheated the Overseas Bank of SBI, Chennai to the tune of Rs 88.27 crores. The account was classified as NPA on 30.05.2013," it said.
