ED identifies consortium of banks that financed fraud
A consortium of six banks led by the State Bank of India (SBI) had issued the Letters of Credit (LCs) to Spices Trading Corporation Ltd (STCL), investigations by the Enforcement Directorate probing the $250 m scrap scam have revealed.
It is reliably learnt that UCO Bank, Mid Corporate Branch, K G Road, Bangalore, remitted an amount of $16,134,061.24 to the ‘seller’ companies based in the US, Singapore and Dubai. The remittance was made as late as February 7, 2009.
According to ED sources in New Delhi, the Directorate’s Bangalore branch is now delving into all the documents related to the involvement of the bank consortium in the scam.
Since the ED began investigations into the Rs 1,208.48 crore scrap scam a couple of weeks ago, a corpus of evidence into the involvement of customs officials, banks and internationally-recognised certifiers has been verified. ED sources disclosed that the two private trading firms, Future Metals (Pvt) Ltd (FMPL) and Future Exim India (Pvt)Ltd (FEIPL) stopped all commercial operations two months ago. Subsequently, their owners, Sriram Sudheer and Naveen Sriram, registered another company by the name of Sun Singapore Exim (Pvt) Ltd. The office premises of Sun Singapore on M G Road were raided by ED sleuths a few days back and documents pertaining to FMPL and FEIPL were seized, ED sources said.
The ED suspects some key STCL officers, suspected to have colluded with the owners of FMPL and FEIPL, are in the US. Sources said STCL managing director K C Ponnana is now in the US and is expected to return next week when ED officials plan to examine him.
What has baffled the ED is the identity of Ahmed Harris, CEO of Hong Kong-based Sino Pacific (HK) Pvt Ltd, which was one of the overseas scrap buyers linked to FMPL and FEIPL. According to investigations by Deccan Herald, Harris is a resident of Vijayanagar in Bangalore. While he could not be traced, his house was found locked for the past two months.
Source: Deccan Herald
It is reliably learnt that UCO Bank, Mid Corporate Branch, K G Road, Bangalore, remitted an amount of $16,134,061.24 to the ‘seller’ companies based in the US, Singapore and Dubai. The remittance was made as late as February 7, 2009.
According to ED sources in New Delhi, the Directorate’s Bangalore branch is now delving into all the documents related to the involvement of the bank consortium in the scam.
Since the ED began investigations into the Rs 1,208.48 crore scrap scam a couple of weeks ago, a corpus of evidence into the involvement of customs officials, banks and internationally-recognised certifiers has been verified. ED sources disclosed that the two private trading firms, Future Metals (Pvt) Ltd (FMPL) and Future Exim India (Pvt)Ltd (FEIPL) stopped all commercial operations two months ago. Subsequently, their owners, Sriram Sudheer and Naveen Sriram, registered another company by the name of Sun Singapore Exim (Pvt) Ltd. The office premises of Sun Singapore on M G Road were raided by ED sleuths a few days back and documents pertaining to FMPL and FEIPL were seized, ED sources said.
The ED suspects some key STCL officers, suspected to have colluded with the owners of FMPL and FEIPL, are in the US. Sources said STCL managing director K C Ponnana is now in the US and is expected to return next week when ED officials plan to examine him.
What has baffled the ED is the identity of Ahmed Harris, CEO of Hong Kong-based Sino Pacific (HK) Pvt Ltd, which was one of the overseas scrap buyers linked to FMPL and FEIPL. According to investigations by Deccan Herald, Harris is a resident of Vijayanagar in Bangalore. While he could not be traced, his house was found locked for the past two months.
Source: Deccan Herald
How come the issue has died down ? Have all concerned beeb bought off ? What is happening ?
CAN ANYONE UPDATE ON THIS ISSUE, ITS QUESTION OF PEOPLE, GOVT OF INDIA.
CAN ANYONE, POLICE/MEDIA/GOVT PLEASE REPLY TO THIS, WHT HAPPENED????????????????????????????????????????
Can anyone update on this issue. What happen with the company. Company is still working or its close.
he formed a new company with another name...
yes, it is true that this company is now neurth exim pvt ltd in NOIDA.The directors of neurth are prasada rao, Mrs.ashwini, Mr. Ramesh pendyala, obula setty,PRASADA RAO OBULA SETTY,
CIN no: U51909DL2011PTC220855
website is www.neurthgroup.com
c-65, LGF, Malviya nagar, delhi.
LOL...I wonder what post does Naveen Sriram have in Neuerth Group???
local media, deccan herald you are very wrong, this issue has not come into light, government given Red notice to Mr. Sudheer Sriram, here is the link http://cbi.nic.in/rnotice/A-3136-5_2013.pdf, our judicial system is so slow they cannot catch him all knows that he is angola
It look like naveen sriram has given bribe to CBI officials also like he has given to STCL, still CBI has not taken sudhir sriram into custody as all know still he is in angola roaming freely
This company is currently creating scams in UAE, under the trade of metals. Heard that some company is taking on them hands down. They will face UAE law. How can Indians work for them , who knows they are criminals. Those should also come under Indian Crime Branch scanner.
on the headlines again
http://www.newindianexpress.com/cities/bengaluru/CBI-Hits-Roadblock-in-Getting-Man-Extradited/2015/10/29/article3103118.ece
Any latest updates on the owners. Heard Neuerth Metals in UAE has also gone bankrupt.
heard the same. anyone have any update as to what they're up to now ?
anyone got an update on neuerth? are they still operating in uae?