NEW DELHI: The Central Bureau of Investigation (CBI) has filed a case against Vadodara-based Diamond Power Infrastructure Ltd (DPIL) and its directors for allegedly defrauding a consortium of 11 banks of Rs 2,654.40 crore.
CBI has filed case under Five IPC section along with two sections of prevention of corruption act. The accused identified as Suresh Narain Bhatnagar, founder of the company, Amit Suresh Bhatnagar, MD, Sumit Suresh Bhatnagar, Joint MD with the help of unknown bank officials cheated the banks to the tune of Rs 2654.40 Crore by falsification of accounts, creation of false documents, forgery of records etc.
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.
“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 debit of Rs. 2654.40 Crore,” CBI said.
“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 agency added. Searches are being conducted on Thursday at various locations at Vadodara including official & residential premises of accused; said private company and others.