CBI probes Rs 22 cr Scam by two Himachal manufacturing companies

Oct 20, 2020 #CBI
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By SHELAL LODHI RAJPUT-

CBI has started probing alleged financial institution fraud by two manufacturing companies which availed loans price greater than Rs 22 crore based mostly on “extremely overvalued” collateral securities from an Andhra Bank department in Shimla gain in 2017.

The firms- Brilliant Electro Air and Bright Plastics- included in 2010 and 2017 respectovely, have the identical registered deal with at Manjhotu in Barotiwala.

Owners of the firms applied for two separate loans at the bank’s branch in New Shimla seeking working capital for their units, which they claimed were engaged in making plastic and fan parts components, based on the letters to the CBI written earlier this year by Nishith Nayak.

For collateral safety, the companies provided land at a village in Punjab’s Fatehgarh Sahib, which was later discovered to be extremely overvalued-its worth falling from Rs 2500 crore to round one fifth of the quantity throughout revaluation by the financial institution.

The Zonal supervisor stated in his criticism that the debtors allegedly cheated the financial institution by diverting funds to account of their kin maintained with different banks. In 2018, each accounts had been declared as NPA and final 12 months, they had been declared as fraud by the financial institution.

Bank said, against an outstanding amount of over Rs 28 crore (including interest), a mere Rs 1,854 was recovered from the two accounts after they become NPA.

In July this year, the CBI’s anti-corruption bureau unit in Shimla registered two FIRs in opposition to the proprietors of the corporations for dishonest, felony conspiracy and different suspected offences beneath sections 120B and 420 of the IPC and related sections of the Prevention of Corruption Act.

The CBI also booked “unknown public servants” and told a local court that it is trying to ascertain if an insider in the helped the accused in raising the loans.

Court rejecting the anticipatory bail software of one of many accused, a everlasting resident of Canada, observing that the alleged lack of public cash has in the end affected “the poor members of the society”.

R K Gaur, a spokesperson of the CBI said that further investigation of the case is underway.

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