CBI books textile bleaching firm in Chennai for cheating bank of 12 cr

Chennai: The Central Bureau of Investigation (CBI) has booked a city-based textile bleaching firm, its directors and promoters on charges of cheating IDBI Bank to the tune of 12 crore. According to the FIR, Sri Lakshmi Saraswathi Spintex Ltd fraudulently availed various credit facilities from the bank and subsequently diverted and misappropriated the funds, causing a wrongful loss to the bank. The loan account turned a non-performing asset in Feb 2019 and was subsequently declared fraud. With the due consent from the Tamil Nadu govt, CBI has registered a case and took it up for investigation. Sri Lakshmi Saraswathi Spintex Ltd, its erstwhile promoters B Sarath Chandra, C S Aditya Praveen and S Naveen Chandra were booked on cheating charges and under the Prevention of Corruption Act by the special task branch of CBI, Chennai, based on a complaint from IDBI Bank's general manager.