Directorate for recovery (ED), Hyderabad Zonal Office, filed a complaint about a complaint for a special court for CBI cases in Hyderabad against Saisree Engineers PVT. Ltd. (SEPL) and others according to the Act on the Prevention of Money Laundry of 2002. The court realized a complaint on July 28.
The money laundering probe was launched by the company with a registered CBI wing for economic offenses (EOW) in Chennai against SEPL, its management, unnamed banking officials and unidentified civil servants. The CBI later filed the indictment before the other main Metropolitan Judge, Nampally, Hyderabad, describing in detail how the Society and CEO of Sagiija Suryanarayana Raja cheated on the Indian State Bank and fictitious declaration.
The ED survey has now revealed that it sewed the bank caused an incorrect loss of Crore 7.51 crore. The company is reported to have laminated credit funds via various bank accounts and sippers significant cash sums, which were then diverted for the personal benefit of its directors.
One of the key findings is that SEPPL received CRORE 13,53 GBP from Bharat Coking Coal Ltd. and put the amount on his current account with Andhra Bank and bypasses his rental account with SBI. Instead of repayment of fees, the funds were abused through a network of transactions including cash withdrawal, transfers to Sagiraayana Raju’s personal accounts, diversions to employees’ accounts, and non -related loans, all designed to clear criminal proceeds.
The agency previously added three real estate worth of 3.11 GBP Crore belonging to Raju within the ongoing probe.
Published – 1 August 2025 03:07
