Hyderabad: CBI has claimed in this case Telangana High Court said that hundreds of shell companies controlled by Rajya Sabha member Y Sujana Chowdhary They had duped Rs 5,000 crore from banks and it was in the interest of the country to issue a lookout circular against them. Sujana has not yet been made an accused in the case.
The CBI’s statement came when Justice K Laxman was hearing Sujana’s plea challenging the lookout circular against him. He was also seeking permission to travel to the United States on a business trip to purchase oxygen concentrators, as interim relief.
The judge gave the lawmaker a month to complete his US visit and asked him to report to the authorities before and after his trip. The CBI said in an affidavit that the role of the MP is under investigation by the investigators. “Lookout circulars are issued against economic offenders who cause huge damage to the national exchequer to prevent them from fleeing the country,” CBI officials said in their counter.
The judge said he will examine the MP’s arguments against the lookout circular on August 17 as he has not been made an accused in the case yet. “Meanwhile, let him go abroad and come back within a month from now,” the judge said.
According to the CBI counter, a Chennai-based company Best & Crompton Engineering Projects Limited and its directors and officers availed credit facilities from banks on the pretext of undertaking government projects. The CBI claimed that the loans generated were directed to various shell companies which have no business and were never spent for specified purposes.
Most of these shell companies were traced Sujana Group Head office in Hyderabad from where 278 rubber seals of these shell companies were seized.
“All the shell companies were used to show circular trading and they also showed some transactions with Best and Crompton,” the CBI claimed.
The probe agency also said that it has seized several “defamatory” documents from Sujana’s Jubilee Hills residence. MP is director in some companies like Splendid Metals Company, Suzana Towers Limited and Suzana Universal Industries. All these companies are accused of making false invoices.
“These companies are using the lockdown period as an opportunity and evading investigators. We will soon face the MP regarding the material we have collected regarding frauds from banks. We have not made him an accused yet, but we have collected vital evidence,” said CBI officials.
The CBI’s statement came when Justice K Laxman was hearing Sujana’s plea challenging the lookout circular against him. He was also seeking permission to travel to the United States on a business trip to purchase oxygen concentrators, as interim relief.
The judge gave the lawmaker a month to complete his US visit and asked him to report to the authorities before and after his trip. The CBI said in an affidavit that the role of the MP is under investigation by the investigators. “Lookout circulars are issued against economic offenders who cause huge damage to the national exchequer to prevent them from fleeing the country,” CBI officials said in their counter.
The judge said he will examine the MP’s arguments against the lookout circular on August 17 as he has not been made an accused in the case yet. “Meanwhile, let him go abroad and come back within a month from now,” the judge said.
According to the CBI counter, a Chennai-based company Best & Crompton Engineering Projects Limited and its directors and officers availed credit facilities from banks on the pretext of undertaking government projects. The CBI claimed that the loans generated were directed to various shell companies which have no business and were never spent for specified purposes.
Most of these shell companies were traced Sujana Group Head office in Hyderabad from where 278 rubber seals of these shell companies were seized.
“All the shell companies were used to show circular trading and they also showed some transactions with Best and Crompton,” the CBI claimed.
The probe agency also said that it has seized several “defamatory” documents from Sujana’s Jubilee Hills residence. MP is director in some companies like Splendid Metals Company, Suzana Towers Limited and Suzana Universal Industries. All these companies are accused of making false invoices.
“These companies are using the lockdown period as an opportunity and evading investigators. We will soon face the MP regarding the material we have collected regarding frauds from banks. We have not made him an accused yet, but we have collected vital evidence,” said CBI officials.
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