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September 22, Saturday 2018 9:09 AM       

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       CBI files charge sheet against textile group
 
         Posted on :09:20:57 Sep 4, 2018
   
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       Last edited on:09:20:57 Sep 4, 2018
         Tags: CBI, file, charge sheet, textile group
 

KOCHI: The CBI team probing the alleged loan fraud by a Thrissur-based textile group has filed a charge sheet against the partners of the company and a relationship manager of the State Bank of India.

The accused have been identified as Apu Mathew, manager of SBI RASMECC, Chenganur; Byju TP, Shaju TO, Raju TO, Jiju TO, Annie Ouseph, all partners of the Thrissur-based Mariya Silks, formerly branded as Emmanuel Silks, and Varki George of Moonnilavu near Erattupetta.

The accused have been booked under IPC Sections 120B, 420, 468, 471, 473 and Sections 13(2) and 13 (1)(D) of the Prevention of Corruption Act.

As per the case, the textile group had availed itself of a cash credit of Rs. 3.50 crore and later, a corporate loan of Rs. 1 crore in collusion with the first accused.

The alleged fraud came to light when the SBI initiated proceedings to claim the loan amount.

During a verification of the documents, the bank authorities found that the location sketch of the property mortgaged for the loan was forged with its boundaries wrongly mentioned.

While the cash credit had been granted on the basis of collateral securities worth Rs 90 lakh and the stock and receivables worth Rs 8.76 lakh, the company later applied for substitution of collateral securities with one hectare and 8 acres of land at Moonnilavu, Erattupetta.

Investigations revealed that the property had already been mortgaged with a cooperative bank.

Documents on the mortgaged property were allegedly forged with the help of Varki George, the seventh accused in the case.

"As part of the investigation, the CBI secured 46 witness statements and collected 246 documents. Two persons had been arrested but were later released on bail.

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