Rs 30 crore assets restituted to SBI in Telangana loan 'fraud' case: ED

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Rs 30 crore assets restituted to SBI in Telangana loan 'fraud' case: ED - Business Standard

Quick Summary:

"Directorate of Enforcement, Hyderabad zonal office has successfully accomplished the process of restitution of properties worth Rs 30.71 crore to the State Bank of India in connection with a money laundering case against Sheetal Refineries Limited (SRL) and others," the ED said in a statement.

The Enforcement Directorate Saturday said it has restituted assets worth more than Rs 30 crore to a bank as part of a money laundering investigation against a Telangana-based refinery company accused of committing a loan fraud of about Rs 190 crore.

The company availed credit facilities from a consortium of banks, including SBI and Punjab National Bank, which later turned into non-performing asset (NPA), it said.