Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a private company having its manufacturing facility at Badlapur Thane for allegedly causing a wrongful loss of ₹62.14 crore to the consortium of banks.
The banks in their complaint to the CBI have alleged that the accused company and its directors had diverted, siphoned off the funds from the credit facilities disbursed to them and thereby dishonestly misappropriated the loan amount.
According to the CBI, a complaint dated 29,07,2022 had been received from Harish V, Assistant General Manager, Bank of India, Mumbai Large Corporate Branch being the consortium leader on behalf of consortium members against the borrower company, which is into manufacturing, fabricating, designing, and scaffolding, with product portfolio catering to all business segments, residential commercial and infrastructure.
Excerpt from the FIR:
“It is submitted that the company, through its promoters, directors along with an unknown public servant, other unknown persons and entities in pursuance of a well-knitted criminal conspiracy and with dishonest intention of causing wrongful loss to the multiple banks, diverted and siphoned off the funds. (Principal outstanding as on 30,06,2022) from the credit facilities disbursed to them and thereby dishonestly misappropriated the loan amount,” the CBI stated in its FIR.
“The forensic auditor had observed that after the account became a non-performing asset, the promoters/company had dishonestly opened accounts with other banks outside the consortium and diverted the funds without the knowledge of the consortium lenders. Further, there have been numerous doubtful transactions mainly with related parties and also instances of round-tripping of funds were observed which may be considered as fraudulent transactions,” the FIR further stated.
Focus now on diversion of funds
Based on the complaint, the CBI has now focused its probe on the alleged diversion of funds, transactions with non-consortium banks causing serious noncompliance and cheating to the consortium member, alleged misrepresentation of facts, funds, mis-utilisation, diversification and noncompliance of RBI guidelines, sources informed.
