BDO India Finds More Fraudulent Transactions In SREI Equipment

SREI Equipment Finance Ltd.’s transaction auditor BDO India found more fraudulent transactions of about 453.09 crore rupees ($55.48 million) as on 30 September 2021.

BDO India discovered loan disbursements to OSPL Infradeal Private Ltd. and Predicate Consultants Private Ltd. by the company under former management, the non-bank lender said in a stock exchange announcement.

SREI, which is undergoing insolvency resolution, said the total impact of the transactions, excluding interest, amounts to 453.09 crore rupees. The transactions occurred between FY19 and FY21, it noted.

SREI Equipment, a material subsidiary of SREI Infrastructure Finance Ltd., said its administrator on 7 January filed an application before the Kolkata bench of the National Company Law Tribunal (NCLT) against OSPL, Predicate, SREI founders Hemant Kanoria and Sunil Kanoria, Torus Buildcon Private Ltd., Religare Finvest Ltd., Bharat Road Network Ltd., Optimum Infratel Private Ltd. and several other companies.

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

BDO India has found several fraudulent transactions in the Kolkata-based company, including 914.22 crore rupees last week.

(Note: $1 = 81.6673 Indian rupees)