HBI Staff | Hyderabad 
According to sources, in 2022, a private bank filed a complaint against the 5-star hotel Holiday Inn in Palarivattom, alleging that the hotel availed a loan of INR 118 crore by pledging an asset, which was later resold without the bank’s knowledge. As a result of the complaint, 12 people were booked in connection with the matter, including top executives of Indroyal Hotels Private Ltd, the hotel’s parent company.
Following the bank’s complaint, the Chief Judicial Magistrate Court directed the Ernakulam Central Police to register a case. The accused individuals include MD Sugathan Janardhanan, Director Suni Sugathan, Additional Director Sulin Sugatthan, Indroyal Executive Director Sunny George, Company Secretary Narayanan Nair, and the Chief Financial Officer of the company. The hotel was resold to Mangofera LLP, and its MD Tessy and Director Melbin Jose were also booked in the case.
The case was registered on May 5, 2023, and the bank has estimated its loss during this period to be INR 103.24 crore. Charges against the accused include criminal conspiracy. The case is set to be handed over to the Crime Branch soon for further investigation.
(sources : mathrubhumi.com)
