CBI nabs three for cheating banks of Rs 2654.40 crore
The joint raid was conducted at Udaipur from where they were apprehended by the investigation agency.
Mumbai: The Central Bureau of Investigation (CBI) along with Gujarat anti terrorism squad (ATS), on Wednesday, arrested three promoters-directors of M/s Diamond Power Infrastructure Ltd, Vadodara for cheating a consortium of banks to the tune of Rs 2654.40 crore.
Those arrested includes Suresh Narain Bhatnagar and his sons Amit and Sumit who were booked in a case by the CBI a week ago.
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 defaulterslList and ECGC caution list at the time of initial sanction of Credit Limits by the Consortium. Searches were conducted on 05.04.2018 at various locations in Vadodara including official and residential premises of accused; said private company & others.
After the searches, otices were issued to these accused to join investigation. But instead of joining the investigation, the accused absconded and were not available at their known places of residence.
In the meantime, the accused also applied for anticipatory bail in the Court of Special Judge, CBI Cases, Ahmedabad on April 6, which was rejected on April 10, which ultimately led to their arrests.
The joint raid was conducted at Udaipur from where they were apprehended by the investigation agency. The accused duped banks by falsififying accounts, and forging records, CBI officials said.
The CBI officials located the trio in a hotel at Udaipur, following which help was sought from the ATS officials for raiding the place and apprehending the trio.
Officials said that DPIL manufactures electric cables and other electrical equipment and it is being alleged that the company and its promoters extensively utilised cash credit limits for obtaining a large number of letters of credit. The company failed to honour many of them and were hence forced charged on the credit limit.
Investigations has revealed that Bank of India's had disbursed Rs 670.51 crore, whereas Bank of Baroda's gave Rs 348.99 crore. ICICI Bank issued Rs 279.46 crore.