The CBI has filed a case against Saravana Stores Gold Palace and its executives in a bank fraud case.
KL Gupta, chief executive of Bank of India, has lodged a complaint with the CBI against Saravana Stores Gold Palace and its shareholders Sujatha and YP Sravan, operating in Thiyagaraya Nagar, Chennai. In it, he mentioned that he had taken a loan of Rs 150 crore to buy a commercial showroom in 2017 and also took a loan of Rs 90 crore in the same year. He said the bank had unknowingly transferred the assets related to the loan and found that the show had tried to repay the loan with a second loan of Rs 90 crore.
KL Gupta has alleged that he was involved in a scam that caused a loss of Rs 312 crore to the Bank of India. In this context, the CBI has filed a case against Saravana Store Gold Palace and its shareholders for fraudulently obtaining loans from the bank. Departmental action has also been taken against the bank’s general manager Selvam and deputy general manager Tamilarasu for complicity in the scam.