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Wednesday, December 20, 2017

SBI officials booked for cheating bank worth Rs 200 cr

Two State Bank of India officials under the Stressed Asset Management (SAM) branch of the bank along with State Bank of India officials from Overseas Branch are under the scanner of Central Bureau of Investigation for cheating the bank by waiving a loan worth Rs 90.92 crore of Quintegra Solutions, a public limited company.
CBI has booked N Parthiban, case officer, SBI, SAM, and case lead officer S Murali Kumar along with the SBI Overseas Branch, V Sankara Raman, son of K R Vaidyanatha, then chairman and managing director of Quintegra Solutions, Melvettil Padmanabhan, non-executive chairman of the company,  V Sriraman, full times director of the company and another son of Vaidyanathan, and independent directors R kalayanaraman, Kamakshi Shankara Raman and G Venkatarajulu.
The charges against them were for cheating the bank by availing initial loan of Rs 7.87 crore which was enhanced to Rs 114 crore and later the entire loan under One time Settlement was settled for Rs 14.5 crore with a condition to write off asset under Custody against the outstanding total dues of Rs 214 crore.
CBI said the entire loan amount was sanctioned without any collateral security and the amount was released in pursuance of criminal conspiracy of unknown officials of SBI Overseas Branch, Chennai and company officials.
Inspite of huge and staggering dues, the Stressed Asset management officials went ahead with One Time Settlement of rs 14.5 crore which is a meagre amount by waiving the principal portion of term loan worth Rs 90 crore.
The waiver is unusual and deviation from the laid down procedures of SBI and Reserve Bank of India, CBI said. This has caused loss worth Rs 200 crore to SBI, it added.

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