HYDERABAD: Six persons including a city-based businessman, a Chartered Accountant and employees of State Bank of India (SBI) have been booked by the Economic Offences Wing (EOW) of the CBI, Chennai, for duping SBI by availing Rs 133.95 crore loans fraudulently and diverting funds in Hyderabad and other places across the state. The CBI sleuths registered cases on Saturday charging the accused with criminal conspiracy, cheating, forgery, falsification of accounts and abuse of official positions.
The accused include the managing director of PCH Retail Limited Balvinder Singh and his wife Baljit Kaur, chartered acountant Bhavesh R. Vithlani, director of Versant Home Appliances Pvt Limited Taran Jyot Singh, and some SBI officials whose names were not disclosed. According to CBI officials, Balvinder Singh and Baljit Kaur have availed various credit facilities from SBI to the tune of `133.95 crore since 2007 by submitting false financial statements.
“The directors of PCH Retail Limited in pursuance of the conspiracy, hatched plans with other accused to divert the credit facilities granted to various fictitious companies floated by them and others.
The accused fraudulently siphoned off the bank’s funds,’’ the CBI officials said. During the preliminary probe, it was revealed that out of the loan amount, ` 2.76 crore was also fraudulently transferred to Versant Homes Appliances Private Limited, Hyderabad, for purchase of immovable property which was subsequently transferred to the daughter of Balvinder Singh.