Chennai firm under CBI probe for Rs 225 crore bank fraud
CHENNAI: A Chennai firm, engaged in processing and marketing of marine products and vegetables, is facing a CBI probe linked to alleged bank fraud to the tune of Rs 225 crore. The CBI, Chennai has registered a case based on a complaint received earlier this week from J Ram Satyanarayana, chief regional manager, Indian Overseas Bank (I0B), Chennai, a lead banker of multiple banking arrangements.
It is alleged that the firm Oceanic Edibles International Ltd (OEIL) and its directors, listed as accused in the case, namely Joseb Raj Arokiasamy, Vimalla Joseb, Arockiasamy James Walter and Arokiasamy Dominic Savio, had availed many credit facilities from the
I0B to the tune of Rs 104.23 crore. The company was engaged initially in the field of shrimp hatchery units and subsequently established units for processing and marketing of vegetables, fruits & marine products at Marakanam, Tindivanam taluk, Villupuram. The firm had also taken loans from the SBI, IDBI, ICICI & Central Bank of India on multiple banking arrangements.
The complaint prima facie disclosed that Oceanic Edibles International Ltd, represented by Joseb Raj Arokiasamy having Registered Office: No. 29, Zackaria Colony, 4th Street Choolaimedu and corporate office at Wellington Estate, and other directors criminally conspired with unknown public servants and in pursuance of the said criminal conspiracy dishonestly and fraudulently submitted forged/false bills, falsified books of accounts and dishonestly and fraudulently availed credit facilities through multiple banking arrangements including IOB, Chennai, the complainant bank.
After availing these credit facilities, the accused borrowers diverted the loan amount to their accounts / third party account / related parties, overseas payments without doing any genuine business as claimed and misappropriated. The securities are also not available, which were hypothecated to the banks as primary security. The acts of the accused had caused a wrongful loss to the tune of Rs 225.15 crore to I0B, Chennai, and other consortium banks and corresponding wrongful gain to themselves, said the CBI FIR.
The complaint prima facie disclosed that Oceanic Edibles International Ltd criminally conspired with unknown public servants and fraudulently submitted forged/false bills, falsified books of accounts and dishonestly and fraudulently availed credit facilities
—FIR, Central Bureau of Investigation