CBI takes over ₹5,717 crore bank fraud case against 28 people accused of deliberately defaulting on loans
June 14, 2024
The 28 accused include two SBI officials and the directors and promoters of 12 companies; CBI conducts searches at 14 locations; charges accused of round-tripping funds and bogus transactions
The Central Bureau of Investigation has taken over an alleged bank fraud case against 28 people, including the directors and promoters of 12 private companies, who have been accused of deliberately defaulting on loans to the tune of ₹5,717 crore.
The case has been registered following a direction from the Allahabad High Court. “Searches are being conducted at 14 places in Mumbai, Kolkata, Raipur, Bhubaneswar, and Trichy,” an agency official said on Friday.
According to the CBI, SKS Power Generation (Chhattisgarh) Limited, promoted by SKS Ispat & Power Limited had taken loans to the tune of ₹6,170 crore from the State Bank of India, L&T Infrastructure Finance Limited, PTC India Finance Limited, and the State Bank of Bikaner & Jaipur. However, it did not repay its dues to the lenders and defaulted on the balance of about ₹5,717 crore. The account was put on auction and settled for about ₹2,000 crore in favour of Entwickeln India Energy Private Limited.
‘Bogus transactions’
“It has been also alleged that Entwickeln India Energy Private Limited and SKS Ispat & Power Limited were registered at the same address and in 2019, Entwickeln India Energy Private Limited merged into SKS Ispat and Power Limited, indicating unauthorised actions,” the agency said.
According to the CBI, the accused, in conspiracy with others, indulged in wilful diversion and round-tripping of funds via bogus share transactions with the aid of dummy or shell companies with the mala fide intention of gaining wrongfully. A significant portion of the loan amount was allegedly transferred to the British Virgin Islands and British Overseas Territories of Bermuda through fictitious companies, the CBI added.
Among the accused are Anil Mahabir Gupta, Abhaya Kumar Sahoo, Ashok Kumar Sahoo, Mahabir Prasad Gupta, and Deepak Gupta of SKS Power Generation (Chhattisgarh) Limited; Anish Anil Gupta of SKS Ispat and Power Limited (Mumbai); Premlata Gupta of Shree Krishna Structures Private Limited (Raipur); chartered accountant Pritam Beria; and Kandasamy Subburaj of Cethar Limited; and Sandeep Kumar Gupta and Hans Nath Yadav of Labheshwari Agencies Limited. The promoters and directors of these companies have been accused of bank fraud, along with those of Riverview Securities (Kolkata), Ranbhumi Securities (Kolkata), Evernew Securities, Acacia Suppliers (Kolkata), Citywings Agencies (Kolkata), North West Coal Co. Limited (Kolkata), Sugouri Distributors (Kolkata), Gabarial Dealers (Kolkata), Ambition Commosales (Kolkata), and Compact Agencies (Kolkata). Two SBI officials have also been accused in the case.
[The Hindu]
