The Enforcement Directorate (ED) has arrested four accused persons in connection with a bank fraud case involving more than Rs 3,986 crore by Chennai-based Surana Group of Companies.
The arrested accused are Dinesh Chand Surana, Managing Director-cum-Promoter of Surana Industries Limited, Surana Power Ltd and Promoter of Surana Corporation Ltd., Vijay Raj Surana, Managing Director-cum-Promoter of Surana Corporation Limited as well as promoter of Surana Industries Limited and Surana Power Limited, besides P Anand and I Prabhakaran, the dummy directors of shell companies, the ED said in a statement.
“The ED initiated money laundering investigation on the basis of three FIRs registered by Central Bureau of Investigation, Bengaluru on the allegations that these three companies, along with their Promoters, Managing Director/Directors and unknown individuals indulged in the misappropriation and criminal breach of trust, manipulation of books of accounts through fictitious entities and have routed funds through the shell companies and siphoned off the funds from the company’s accounts for their personal gains, causing loss to the tune of Rs 3,986 crore to the Public Sector Banks,” the agency said in its statement.
The ED probe revealed that a web of shell companies was created by these persons, wherein the dummy directors of these shell companies were either the relatives/persons from ancestral village of Surana family or the employees of Surana group companies. All the four arrested persons were produced before Principal Session Judge Court, Chennai which granted their 14-day remand to ED up to July 27.