Chennai: The CBI has registered a bank fraud case against Chennai based tech firm Zylog Systems India Ltd after it was found that the senior executives and promoters diverted a high value loan given by a bank to the company.
Based on a complaint from a assistant general manager of Union Bank of India, Chennai, the CBI has filed case against Sudarshan Venkatraman, then CMD and CEO / promoter director of Zylog Systems India Ltd, Chennai and Ramanujam Sesharatnam, then MD and COO/ promoter director of Zylog Systems India Ltd.
Sleuths of Banking Securities & Fraud Cell of CBI have started probing into the deals of the tech firm after registering a case under various sections of IPC for cheating and criminal conspiracy along with forgery with an intention to cheat.
Zylog was sanctioned a term loan of Rs 61.5 crore in 2009 to implement Wi-Fi technology project. As much as 78 per cent of the sanctioned term loan limit of '43 crore meant for hardware purchase was disbursed to companies named Aditicon services, Effica Systems, Surya Enterprises and Wood Bridge technologies allegedly created by Zylog India using the employees of Zylog as signatories with an intention to siphon off funds to the tune of Rs 33.3 crore and defraud the bank.
It is observed from visits of zonal vigilance committee officials to the addresses of above supplier firms that the firms are not carrying any business from the above addresses. Thus all the companies were fake and money was siphoned off to the tune of Rs 33.3 crore through the modus operandi, the complaint from the Union Bank of India said in the complaint. According to the bank the Zylog India’s dues, including various loans and its interests, as on December 31, 2016 was Rs 60.9 crore.
