CHENNAI:
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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