CBI raids online education promotion firm premises- The New Indian Express

By Express News Service

CHENNAI: The Central Bureau of Investigation on Friday raided the premises of data processing firm and online education promoter Agnite Education in Chennai on allegation of banking fraud that resulted in loss of Rs 313.79 crore to State Bank of India.

The searches were conducted following a case registered against the company and others including its chairman K Balasubramaniam  and director K Padmanabhan, public servants and private persons on a complaint from SBI, CBI said in a statement.

It is alleged that Agnite Education represented by Balasubramaniam and Padmanabhan availed credit limits of  Rs 310 crore (approximately) from the SBI. It was alleged that the loans amounts were diverted to related parties. The account became a non performing asset and was declared as fraud. An alleged loss of Rs 313.79 crore (approx) was caused to the bank.

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