Hyderabad: The Enforcement Directorate (ED) has filed a chargesheet against Prudhvi Solar Power Projects Pvt. Ltd. and its managing director, Byrraju Srinivas Raju, under the provisions of the Prevention of Money Laundering Act (PMLA), in a bank fraud case.
During the investigation, the ED found that the State Bank of India had granted an overdraft facility of Rs 4.5 crore to the company for the installation of five MV solar plants on land offered as collateral. To avail the overdraft, Srinivas Raju allegedly inflated the company’s turnover to Rs 30.5 crore for the financial year 2016-17, with the intent to cheat the bank.
The investigation further revealed that Raju siphoned off the loan amount to his personal bank accounts, a sister concern (Prudhvi Infra), chit funds, and also withdrew large sums in cash.
The diverted bank funds were used for personal and unauthorised purposes, and the proposed solar power plants were never installed. The loan account turned into a non-performing asset (NPA) on October 14, 2017, and was later declared fraudulent on November 26, 2019.
In its complaint, the ED charged the accused entities with causing wrongful loss to the SBI and generating, possessing, acquiring, and using “proceeds of crime” amounting to Rs 3.81 crore. The ED had earlier attached immovable properties worth Rs 3.81 crore belonging to Srinivas Raju.
The case was initiated based on an FIR registered by the CBI and ACB under various sections of the IPC and the Prevention of Corruption Act. After completing the investigation, the CBI filed a chargesheet stating that Prudhvi Solar Power Projects defrauded the SBI to the tune of Rs 3.81 crore.
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