BDO India Finds More Fraudulent Transactions In SREI Equipment

SREI Equipment Finance Ltd.’s transaction auditor BDO India found fraudulent transactions of 820.05 crore rupees ($99 million) as on 30 September 2021.

The amount is related to loan disbursements to Rankini Power Generation Private Ltd. by the company under the erstwhile management, the non-bank lender said in a stock exchange announcement. The transactions occurred between FY15 and FY21, it added.

SREI, which is undergoing insolvency resolution, said the total impact of the transactions, excluding interest, is 820.05 crore rupees.

The company said its administrator on 26 December filed an application before the Kolkata bench of the National Company Law Tribunal (NCLT) against Rankini, Abhijeet Power Ltd., Abhijeet Roads Ltd., Abhijeet Mining Ltd. as well as SREI founders Hemant Kanoria and Sunil Kanoria.

The application filed before the NCLT is presently pending consideration, it noted.

BDO India has found several fraudulent transactions in the company, including 143.23 crore rupees last week.

(Note: $1 = 82.8308 Indian rupees)