CBI register case against private company and others including promoters, directors on allegation of causing loss of rupees 1245 crore

CBI REGISTERS CASE AGAINST PRIVATE COMPANY & OTHERS INCLUDING ITS PROMOTERS/DIRECTORS ON ALLEGATIONS OF CAUSING LOSS OF Rs. 1245 CRORE (APPROX) TO BANKS AND CONDUCTS SEARCHES AT 13 LOCATIONS

THE Central Bureau of Investigation has registered a case on complaint from IDBI Bank Ltd., Colaba, Mumbai, against a private company having its manufacturing units at Dewas, (MP); Jhagadia Industrial Estate, Bharuch (Gujarat) & Registered office at Mumbai (Maharashtra) and 14 others including its Promoters/Directors and Unknown Public Servants & Private Persons.

It has been further alleged that the said private company was engaged in the business of manufacturing of High Value Fine Cotton fabrics & Home Textiles.

It was further alleged that the said company and its Promoters/Directors in conspiracy with others, committed fraud by availing various credit/ loan facilities from a consortium of banks led by IDBI Bank Ltd. and misusing/ diverting the bank funds during the period 2012 to 2018, and thereby caused loss of Rs. 1245.15 Crores (approx) to the banks.

The complaint was filed by the IDBI Bank Ltd. and also on behalf of 04 other member banks of the consortium, namely, Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab National Bank and Indian Bank.

Searches were conducted today at 13 locations including in Maharashtra, Gujarat and West Bengal at the premises of the accused which led to recovery of incriminating documents.
Investigation is continuing.