CBI registers case against Vadodara-based firm for Rs 2,654 Cr fraud

April 06, 2018 09:37 AM

Punjab News Express/ SK.Vyas
NEW DELHI : The Central Bureau of Investigation has registered a case under section 120-B r/w 420, 467,468,471 of IPC and sections 13(2) r/w 13(1)(d) of PC Act, 1988 on the allegations that Vadodara (Gujarat) based private company through its founder, Managing Director & Joint Managing Director, along with other unknown persons associated with them in conspiracy with the unknown bank officials cheated the banks to the tune of Rs. 2654.40 Crore (approx) by falsification of accounts, the creation of false documents, forgery of records etc.

It was further alleged that the said private company engaged in the manufacture of cables and other electrical equipment, through its management, has fraudulently availed Credit Facilities from a Consortium of 11 Banks (Public Sector and Private Sector) since 2008, with an outstanding debt of Rs. 2654.40 Crore as on 29.06.2016. The banks include Bank of India; Bank of Baroda; ICICI Bank; Allahabad Bank; Axis Bank; Dena Bank; SBI; IOB; IFCI; EXIM bank of India & Corporation Bank and other financial institutions. The company and its Directors allegedly managed to get the term loans and Credit facilities in spite of the fact that they were already appearing in the RBI’s Defaulters List and ECGC Caution List at the time of initial sanction of Credit Limits by the Consortium.
The cases were registered against:
i) Diamond Power Infrastructure Ltd. (DPIL), Vadodara.

ii) Suresh Narain Bhatnagar, founder of M/s. DPIL.

iii) Amit Suresh Bhatnagar, Managing Director, M/s. DPIL.

iv) Sumit Suresh Bhatnagar, Joint Managing Director, M/s. DPIL.

v) Unknown public servants of various banks and

Searches are being conducted today at various locations at Vadodara including official & residential premises of accused; said private company & others.
The investigation is continuing.

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