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ED Attached Immovable Properties Of Saravana Stores In Chennai In Relation With Money Laundering Case For Defrauding Indian Bank ANN

Chennai Saravana Stores Fraud Case: The Enforcement Directorate (ED) has...

Chennai Saravana Stores Fraud Case: The Enforcement Directorate (ED) has initially attached immovable assets worth more than Rs 234 crore of Saravana Store (Gold Plus) in Chennai on charges of defrauding Indian Bank of hundreds of crores of rupees. In this case, it is alleged that on the basis of forged documents with the help of some bank officials, this company defrauded Indian Bank of hundreds of crores.

A top ED official said that the Chennai branch of the Central Bureau of Investigation had registered a case against Saravana Store and its directors under various criminal sections on April 25, 2022. Based on this FIR, the Enforcement Directorate started investigation on 26 May 2022 by registering a case under the Money Laundering Act. In this case, it is alleged that the directors of Saravana Stores and their associates defrauded Indian Bank’s T Nagar Chennai branch of hundreds of crores in connivance with unknown government officials and others as part of a criminal conspiracy.

What has been found in the investigation so far?

During the investigation so far, it has been found that Saravana Store Chennai had applied for loan from Indian Bank showing fake balance sheet and strong position of its firm. Whereas the reality was that the sales and credit entries he had shown in his documents were far from the truth. Apart from this, the value of their property shown by these people along with unknown government officials and others was also much less than the then market value.

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It is alleged that these people, along with these fake documents and unknown bank officials and others, also got such loans passed from the bank which were not even passed by the competent authority. Not only this, in many cases the payment was also made by exaggerating the bank. Due to this the bank lost hundreds of crores of rupees. ED claims that crime assets worth Rs 240 crore have been detected in this case. The inspection of the matter is going on.

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