CBI chargesheets A C Muthiah, others for Rs 1.02 bn loss to Syndicate Bank

The industrialist, a former chairman of First Leasing company, has been accused of inflating profits and assets, and downplaying NPAs

The Central Bureau of Investigation has filed a chargesheet against industrialist A C Muthiah for allegedly causing a loss of Rs 1.02 billion to Syndicate Bank. The chargesheet follows a case filed by the agency against him and several others in 2016.

CBI officials said apart from Muthiah, the then chairman of First Leasing Company of India Ltd, Farouk M Irani, its former Managing Director and 23 others were also named in the chargesheet filed in the Court of Additional Chief Metropolitan Magistrate, Chennai.

Muthiah and Irani were not available for comment immediately.

CBI had registered a case in 2016 against them on