NEW DELHI: The CBI has registered a fresh case against six directors of a Delhi-based perfume making company, Surya Vinayak Industries Limited, for cheating the Development Bank of Singapore of Rs 122.49 crore between 2007 and 2012, an official said on Saturday.
The agency sleuths conducted raids at the residential premises of Sanjay Jain, Rajiv Jain, Rohit Choudhary, Sanjeev Agarwal, Rajeev Jain, Kamal Kant Sharma and some unidentified persons in connection with this case on Saturday.
The accused are the directors and promotors of Surya Vinayak Industries Limited and Surya Vinayak Hospitalities Limited.
A CBI official said the six accused have been booked under sections of criminal conspiracy and cheating of the Indian Penal Code, and the Prevention of Corruption Act following a complaint by the bank.
"They are accused of cheating the bank of Rs 122.49 crore between 2007 and 2012," he added.
The official said the CBI has so far registered six cases against the promoters and directors of Surya Vinayak group.
In April, the CBI arrested Sanjay Jain, Rajiv Jain, Rohit Choudhary and Sanjeev Agarwal in connection with ongoing cases relating to cheating a consortium of banks to the tune of Rs 2,240 crore, the official said.
"They were held on a complaint from the Punjab National Bank (PNB)," he said, adding that all of them are in judicial custody.
The accused allegedly used a number of shell companies to launder funds availed through a consortium of banks led by the PNB.
Sanjay Jain and Rajiv Jain are the promoters of Surya Vinayak while Rohit Choudhary and Sanjeev Agarwal are the other directors of the Delhi-based company that deals in making perfumes.
The CBI investigation revealed that the accused 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 out of the working capital limit obtained from a consortium of banks to six wholly owned foreign subsidiaries based in Singapore, Hong Kong, Dubai, Indonesia, Ghasa and China," a CBI statement said.
The company had availed credit limits from the PNB-led consortium to the tune of Rs 2,240 crore and diverted the funds to the subsidiaries owned by it in countries like Singapore, Hong Kong and Dubai in violation of bank guidelines for use of loan amount, sources said.
Sources said that the company had defaulted in loan repayments following which it was declared a wilful defaulter by the banks.