Steel trading firm in Chennai defrauds SBI of ₹391 crore
The Hindu
The suspected company is believed to have falsified documents to divert funds and cheat the bank
The directors of a steel trading firm, who were already accused of fraud and booked by the Central Bureau of Investigation, allegedly indulged in the same modus operandi again, to defraud the State Bank of India to the tune of ₹391.30 crore. In a complaint lodged with the CBI’s Economic Offences Branch in Chennai, the SBI’s Stressed Assets Management Branch (SAMB) accused M/s P.S. Krishnamurthy Steels Pvt Ltd of Chennai and its Directors P.S. Krishnamurthy and P.K. Vadivambal of defrauding the bank after taking a loan and forging documents to divert the funds.
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