Chennai

CBI files case against SLO Industries

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Accused of cheating Corporation Bank

The Central Bureau of Investigation has registered a case against Chennai-based SLO Industries and its promoters as well as Aran Steels Pvt. Ltd (gurantor of M/s. SLO Industires) for allegedly defrauding Corporation Bank.

The case was filed by B.R. Akolkar, Deputy General Manager, Corporation Bank, presently working at the Zonal Office, Chennai. Between April 2015 and 2016, 37 letter of credits was issued on behalf of the borrower to six beneficiaries, for ₹284.66 crore, Corporation Bank said in its compliant. The bank indicated that the company resorted to fund siphoning and diversion through associate concerns and other bank accounts.

The company’s accounts were classified as fraud on March, 9, 2018, the bank said. Cases have been filed against SLO Industries Ltd. and Aran Steels Pvt. Ltd. The CBI has entrusted the case to K.V. Satish Babu, Inspector of Police, CBI, BS&FC, Bengaluru.

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Printable version | Nov 18, 2018 3:41:34 AM | https://www.thehindu.com/news/cities/chennai/cbi-files-case-against-slo-industries/article25063011.ece

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