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).
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