CBI books marine tech firm for causing 166-crore loss to SBI

CBI, Economic Offences Wing (EOB), Chennai, booked Teledata Marine Solutions Ltd and its directors Capt K Balasubramaniam and K Padmanabhan. The company was engaged in developing ERP solutions for marine verticals. They have been charged with misappropriating funds and wilfully not repaying a loan and thereby causing a loss of Rs 166.16 crore. 

The company was sanctioned Rs 200 crore loan in 2008 against collaterals of 12 immovable properties and pledged company shares, totally worth Rs 66.86 crore. The company secured orders from a global player called Bunge SA to sell its software. During 2007-09 the directors entered into a criminal conspiracy with unknown public servants to cheat the SBI overseas branch and the directors’ dishonesty reduced the dependence of global player. The company then breached its agreement with Bunge SA by shifting to direct marketing and selling. 

The advance payment received from Bunge SA was also diverted. Sensing the shift in business, the global player invoked all bank guarantees and the account became an NPA. The outstanding dues were Rs 64.21 crore in 2008 and the loss on the account was Rs 166.16 crore in 2019, the FIR said.