CBI files case against power firm for cheating SBI of ₹31.99 crore


Bank officials allegedly colluded with suspects

A power generation firm has allegedly cheated the State Bank of India of ₹31.99 crore, given as a loan to set up a wind mill project.

Acting on a complaint, the Central Bureau of Investigation has registered a case against the directors of the accused firm, senior officials of the bank and others on charges of criminal conspiracy, breach of trust, cheating and misconduct by public servant.

The allegation is that the then State Bank of Hyderabad, later acquired by the State Bank of India, Thousands Lights Branch, Chennai, had given a loan of ₹35.70 crore in 2014 to M/S Connect Wind (India) Private Ltd for establishing a 7.8 MW Wind Power Project in Theni district.

The execution of the project was entrusted to a contractor M/s Trishe Renewable Energy Solutions Private Ltd, later renamed as M/s Infinitas Energy Solutions Private Ltd. Later, during an inspection, bank officials found that the wind power units were not established. Of the 13 properties proposed for installation, only seven were in place.

The credit facility extended to the company was diverted and used for some other purpose. After conducting a preliminary enquiry, the bank declared the loan account as fraud. A sum of ₹31.99 crore public money was misappropriated with malafide intent.

Further investigation revealed that the then bank officials Chief Managers G. Mouli Shankar, S. Kalyani and P.V.S Shastry, Managers G. Ravikumar, M. Srinivasa Rao colluded with the directors of the energy and execution companies Badri Kasturi, A. N. Vijayaraghavan, Satyan Kasturi, Narasimhan Ramkumar, Poirani Nagarajan, Bala Chaitanya Deshpande, Tarun Sharma, Shanker, to commit the offence. Besides IPC, the agency’s Anti-Corruption Branch also invoked provisions under the Prevention of Corruption Act, 1988, against the accused persons.

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Printable version | Jan 19, 2020 4:54:32 AM |

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