Chennai sources reported that in a sensational case of bank fraud in the state, a Tamilnadu based firm has been accused of defrauding the State Bank of India to the tune of Rs 90 crore. Accordingly Indhumathi Refineries Private Limited in Virudhunagar district, Tamilnadu, is alleged to have defrauded the State Bank of India by using fake invoices in exchange for obtaining Letters of Credit (LoC) from the bank.
As per report, the fraud was discovered when the firm’s invoices from companies to obtain up to 46 LoCs were discovered to have been falsified. Meanwhile they turned out to be fake invoices from bogus companies drawn up in order to obtain the LoCs. Furthermore following this, the SBI approached the CBI's Bank Securities and Fraud Cell in Bengaluru. Moreover the CBI then filed an FIR and charge sheet against the firm’s proprietor R Shenbagan in addition to R Rajan, Raji Shenbagan, Thirumagal Rajan as well as employees of the firm and the bank itself.
Further following the CBI charge sheet, on Saturday, the Enforcement
Directorate raided nine properties of Indhumathi Refineries Private Limited in
Virudhunagar district in connection with the alleged money laundering. Reports added
the raids also took place at the properties of the firm’s proprietor R
Shenbagan, in Madurai and Coimbatore, where the Enforcement Directorate
officials said that they have filed a case against the firm under the
Prevention of Money Laundering Act (PMLA).
TN Govt plans to introduce Board Exams for Class 5 & 8 Accordingly Tamilnadu government is going to introduce board examinations for the students of class 5 and class 8, in addition to the already existing public exams for students in classes 10, 11 and 12. Meanwhile according to a circular issued to all the district education offices, the third term exams conducted in schools will henceforth be conducted as public exams. These exams will have common question papers for all the schools in Tamilnadu.
- Guntur District farmer committed suicide, doubts raised
- UK no longer preferred market for Indian investment due to Brexit factor
- Pakistan Cricketers portrait removed from HPCA
- From a farmer's son to People's Hero - Dr. Koti Reddy Saripalli
- DMK Congress deal soon!
- What's the problem for DMDK?
- India receives support from Israel!
- Public shocked after tremors in Delhi!
- APTA achieved India Book of record by making longest bamboo chicken in India
- Budget of Rs 3,116 crore for 2019-20 unveiled by TTD
- Chennai Metro Rail to install WiFi facilities at all stations
- Saudi Arabia-India plans to set up a ''Strategic Partnership Council'
- Donald Trump planning to meet North Korean Leader Kim Jong-Un again
- Is Nagarjuna making his Political entry?
- Why Rahul Gandhi made a surprise visit to AP Bhawan?