These transactions were found by BDO LLP, which was appointed as the transaction auditor to conduct investigation into the transactions of the company.
Loans involved with these fraudulent transactions were at ₹2,512 crore, while the notional loss to the company stood at ₹513.67 crore, the filing said. The notional loss was on account of charging lower interest rates while lending to 14 companies.
The administrator has filed an application with the Kolkata bench of the National Company Law Tribunal in this regard. The 14 respondents include Power Trust, Kanoria Foundation and its trustees, India Power Corporation Ltd., India Power Corporation (Bodhgaya) Ltd. and Tuticorin Electricity Supply Pvt.
“It is to be noted that this is an initial filing based on the report submitted by the transaction auditor and further filings may be undertaken, in due course," said the company in an exchange filing on Monday.
A Reserve Bank of India inspection report of Srei Equipment Finance had also flagged lending to probable related and connected parties during 2019-20. RBI had identified certain borrowers with loans worth ₹8,576 crore as “probable" connected or related parties, the company had disclosed in its March 2021 earnings.
Later in October 2021 the regulator put Srei Infrastructure Ltd. and Srei Equipment Finance under insolvency proceedings, after superseding the board and appointing Rajneesh Sharma as the administrator.
Financial creditors have claims worth ₹10,727.5 crore against Srei Infrastructure Finance and ₹31,867.8 crore against Srei Equipment Finance.
