CBI files charge sheet against Delhi-based toy firm for ‘Rs 2,000 crore fraud’

It was also alleged the company had inflated its turnover by entering into non-genuine transactions with certain parties.

Published: 17th June 2022 08:08 AM  |   Last Updated: 17th June 2022 08:08 AM   |  A+A-

money fraud

(Express Illustrations)

By Express News Service

NEW DELHI: The CBI has filed a chargesheet against New Delhi-based toy-manufacturing private company for defrauding a consortium of 12 banks led by Punjab National Bank to the tune of Rs 2,040.63 crore. 

The agency said that the case was filed in 2020 against Hanung Toys and Textiles Ltd and others, including its Promoters and Directors: Ashok Kumar Bansal  and Anju Bansal; associate persons, Rishu Agarwal, Manoj Kumar Garg and Kali Kant Jha; Statutory Auditor Piyush Jain and Company Secretary Arvind Kumar Gupta. Hanung Toys and Textiles Ltd had its registered office at Greater Kailash.

Investigation into the case revealed that the accused allegedly manipulated the books of accounts by suppressing the actual derivative loss and made false financial statements across the years, from year 2008-2013, in order to present the inflated financial worth of the company for the purpose of obtaining various credit facilities from the banks.

It was further alleged that the quantum of suppressed derivative loss were malafide and incorrectly reflected as non-existent debtors as well as stock in its books of accounts, thereby resulting into excess borrowing of Rs 478.35 crore.

It was also alleged the company had inflated its turnover by entering into non-genuine transactions with certain parties. These trades were allegedly done in circular transactions amounting to Rs 560 crore in order to siphon money from banks and the funds diverted or personal gains of directors/promoters.



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