NEW DELHI: The Central Bureau of Investigation (CBI) on Wednesday arrested four directors of Surya Vinayak Industries Limited in connection with ongoing cases relating to cheating a consortium of banks to the tune of Rs 2240 crore.
The agency arrested Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal on a complaint from Punjab National Bank (PNB). The arrested accused persons allegedly used a number of shell companies to launder funds availed through a consortium of banks led by PNB, CBI sources said.
While Sanjay Jain and Rajiv Jain are promoters of Surya Vinayak, Chaudhary and Agarwal are other directors of the Delhi-based company that deals in making perfumes.
“It was alleged during investigation that the accused persons fraudulently used more than 100 Shell Companies for round tripping and diversion of Bank funds. There was no genuine business transaction between the said firm and Shell Companies. The said firm also allegedly diverted Rs 376 crore (approx) out of the Working Capital Limit obtained from consortium of Banks to 06 (six) Wholly Owned Foreign Subsidiaries based at Singapore, Hong Kong, Dubai, Indonesia, Ghasa & China. Further investigation is continuing,” the CBI said in a statement.
CBI sources said the company had availed credit limits from PNB-led consortium to the tune of Rs 2240 crore and the company diverted the funds to the subsidiaries owned by it in countries like Singapore, Hong Kong, Dubai in violation of the bank guidelines for use of loan amount, the CBI sources said.
The company had defaulted in loan repayments following which it was declared a wilful defaulter by the banks, the sources said, adding a number of bank officials are also under the scanner of the agency.
In its complaint, the PNB has alleged that the company had diverted bank funds to the tune of Rs 2240 crore, which resulted in loss to the consortium.
Meanwhile, a Delhi court on Wednesday sent the four accused persons to 10-day CBI custody.