NEW DELHI: The CBI has booked Chennai-based Nathella Sampath Jewellery Pvt. Ltd. (NSJPL), promoter-cum-Managing Director of N Ranganath Gupta and other directors of the accused firm and unknown public servants for defrauding a consortium of banks led by SBI to the tune of Rs 379.75 crore (outstanding as on February 28, 2018).
The case was registered on Saturday and the agency has slapped the Indian Penal Code Sections relating to criminal conspiracy, cheating, forgery and criminal breach of trust besides relevant provisions of the Prevention of Corruption Act.
Besides the firm Nathella Sampath and its MD, the CBI has booked directors N Prasanna Kumar and N Prapanna Kumar besides Chartered Accountant Sohun CJ, Partner of Jeeravla & Co (statutory auditor of NSJPL). The agency has also booked unknown public servants in the case. NSJPL is engaged in the business of buying, manufacturing and selling of all precious metals in the form of medallion, jewellery (gold, silver and diamond) and other accessories. The company is engaged in both wholesale and retail segment.
As per the financial performance represented by the accused firm by way of financial statements to the consortium lenders, the company’s banking exposure was periodically increased and the enhancement of working capital limits was based on the reported growth of the current assets and sales of the company.
“As on March 31, 2009, the Company’s current assets stood at Rs 112.60 crore, which reportedly increased to Rs 625.45 crore. Sales of the Company has been steadily increasing from Rs 350.99 crore from 2008-09 to Rs 1426.02 crore in 2015-16,” reads the SBI complaint to CBI which is now part of the FIR.
In its complaint, the SBI also said NSJPL had complied with all rating parameters and norms in respect of the business being carried out. The rating was periodically upgraded with “BBB” by CARE which was reaffirmed last on October 25, 2016.The working capital limits availed by NSJPL included Rs 250 crore from SBI, Rs 40 crore from HDFC and Rs 50 crore from Union Bank of India as on March 31, 2017.