CHENNAI: The Central Bureau of Investigation (CBI) has registered a regular case against textile firm Sri Lakshmi Saraswathi Spintex Limited, its erstwhile promoters and unidentified public servants of IDBI Bank Limited, over allegations of a loan fraud totalling Rs 11.97 crore.

Following the written complaint filed by S Vasanthi, general manager of the NPA Management Group at IDBI Bank's Saidapet branch in Chennai, an FIR was lodged.

Sri Lakshmi Saraswathi Spintex Ltd and its former senior executives B Sarath Chandra, CS Aditya Praveen and S Naveen Chandra, were named as accused. The FIR also names unknown public servants of IDBI Bank and other private persons.

The complaint alleges that the accused conspired to fraudulently avail various credit facilities from IDBI Bank, subsequently diverting and misappropriating the funds. This caused a wrongful loss of Rs 11.97 crore to the bank. The loan account was declared a Non-Performing Asset (NPA) on February 28, 2019, and was later classified as a fraud by IDBI Bank.

The allegations disclose the commission of offences including criminal conspiracy, cheating and criminal misconduct by a public servant under the Prevention of Corruption Act.