On April 22, KL Gupta, CEO of Bank of India, lodged a complaint with the CBI against Saravana Stores Gold Palace and its shareholders Sujatha and YP Sravan, operating in Thiyagaraya Nagar, Chennai.
Chennai, First Published May 7, 2022, 2:31 PM IST
The CBI has registered a case against the owners and bank officials of Saravana Stores Gold Palace in a bank fraud case.
On April 22, KL Gupta, CEO of Bank of India, lodged a complaint with the CBI against Saravana Stores Gold Palace and its shareholders Sujatha and YP Sravan, operating in Thiyagaraya Nagar, Chennai. The complaint alleges that in 2017, Saravana Store Gold Palace in Thiyagaraya and its partners Sujatha and YP Sravan borrowed Rs 150 crore to buy a commercial showroom and borrowed another Rs 90 crore in the same year.
He said the loan-related assets were found to have been unknowingly transferred to the bank and a second attempt was made to repay a loan of Rs 90 crore to buy a commercial showroom. Further, it has been reported that various violations have been detected.
KL Gupta had alleged that he was involved in a scam that caused a loss of Rs 312 crore to the Bank of India. Meanwhile, the CBI has registered a case against Saravana Store Gold Palace and its shareholders for fraudulently obtaining loans from a bank. Departmental action has also been taken against the bank’s general manager Selvam and deputy general manager Tamilarasu for complicity in the scam.
Last Updated May 7, 2022, 2:36 PM IST
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