Fri Aug 01 09:37:59 UTC 2025: Okay, here’s a news article summarizing the provided text, written in a news style and drawing out the key information:

**Headline: ED Files Charges Against Saisree Engineers in ₹7.51 Crore Bank Fraud Case**

**Hyderabad, August 1, 2025** – The Directorate of Enforcement (ED) has filed a prosecution complaint against Saisree Engineers Pvt. Ltd. (SEPL) and others, alleging money laundering related to a ₹7.51 crore (75.1 million INR) fraud perpetrated against the State Bank of India (SBI). The charges were filed before the Special Court for CBI Cases in Hyderabad, which has already acknowledged the complaint.

The ED’s investigation stemmed from an FIR initially lodged by the CBI’s Economic Offences Wing (EOW) in Chennai. The CBI accused SEPL, its management, unnamed bank officials, and unidentified public servants of defrauding SBI by submitting fraudulent documents and fictitious collateral. The CBI later filed a chargesheet detailing how the company and its Managing Director, Sagiraju Suryanarayana Raju, carried out the scam.

The ED’s investigation uncovered that SEPL allegedly layered loan funds through various bank accounts, siphoning off significant amounts in cash which were subsequently diverted for the personal enrichment of its directors.

A key finding of the investigation revealed that SEPL received ₹13.53 crore (135.3 million INR) from Bharat Coking Coal Ltd. but deposited this sum into an Andhra Bank account, bypassing its existing loan account with SBI. Instead of using the funds to repay its debt to SBI, SEPL allegedly misused the money through a complex web of transactions. These transactions included large cash withdrawals, transfers to the personal accounts of Sagiraju Suryanarayana Raju, diversions to employee accounts, and the settlement of unrelated loans – all designed to launder the proceeds of the crime.

As part of its ongoing investigation, the ED had previously attached three immovable properties belonging to Raju, valued at ₹3.11 crore (31.1 million INR). The case is ongoing.

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