The Enforcement Directorate (ED) has attached immovable properties worth ₹3.11 crore belonging to Sagiraju Suryanarayana Raju, managing director of Saisree Engineers Private Limited (SEPL). This was done in connection with a money laundering probe linked to a ₹15 crore bank fraud in the State Bank of India (SBI).
The ED initiated the probe based on a First Information Report (FIR) registered by the Central Bureau of Investigation’s (CBI) Economic Offences Wing (EOW) in Chennai. The FIR alleged that SEPL, its promoters, directors, and others conspired to cheat and defraud the bank.
According to the FIR, SEPL submitted fabricated documents and fictitious properties as collateral security to secure a ₹15 crore credit facility from the SBI. The CBI investigation, completed in December 2020, resulted in a chargesheet against SEPL and its directors. The ED’s investigation revealed that SEPL, through its directors, obtained the loan and offered non-existent land in Visakhapatnam as security. Fabricated documents were used to create the illusion of ownership.
The ED probe further unearthed that a portion of the loan amount was diverted from the SBI cash credit account to Sagiraju Suryanarayana Raju’s personal account in Andhra Bank. Additionally, SEPL and its directors allegedly diverted ₹13.53 crore from their vendor’s payments meant for the SBI loan account to another SEPL account in Andhra Bank. These funds were then reportedly used for SEPL’s business activities.
