CBI books two firms for duping SBI of Rs 2149 cr
The CBI, on a complaint filed by the State Bank of India (SBI), has booked a Mumbai-based private company, its director/guarantor and unknown public servants among others for allegedly causing a loss of Rs 1,438.45 crore to the SBI and four other consortium member banks.
The accused have been identified as Ushdev International Limited and its directors-guarantors Suman Vijay Gupta and Prateek Vijay Gupta, among others.
The company allegedly engaged in trading of ferrous and non-ferrous metal and its promoter directors, along with unknown entities, caused loss to the SBI and a consortium member banks – Central Bank of India, Indian Overseas Bank and Oriental Bank of Commerce (now PNB and Bank of Maharashtra) – by allegedly diverting or siphoning funds, showing sales to overseas dormant entities and manipulating books of accounts among other illegalities.
The accused also allegedly misappropriated bank funds by giving advances to entities that had not carried out business during the last five to nine years and provided loans and advances to its related parties. They allegedly violated the sanction terms and conditions causing an alleged loss of around Rs 1438.45 crore to SBI and other banks.
The CBI said it conducted searches at three premises of the accused in Mumbai and Pune and found incriminating documents and articles.
The CBI also registered another case on a complaint from the Bank of India against a private company in Ahmedabad and its six directors, unknown private persons and public servants for alleged fraud of Rs 710.85 crore to a consortium of banks – comprising Bank of India, IDBI, SBI, PNB – as well as Shamrao Vithal Cooperative Bank Limited and IFCI Limited.
The accused booked in the case are Anil Limited in Ahmedabad, its directors Amol Shripal Sheth, Kamalbhai R Sheth, Anish Kasturbhai Shah, Indira J Parikh Dipal Palkhiwala, Anurag Kothawala and Shashin A Desai as well as unknown private persons and public servants.
The agency said that the company was engaged in producing unmodified and modified starch. It alleged that it had lent funds to related parties and others without approval of consortium banks to siphon the funds and deliberately entered into non-genuine transactions with its related parties to renew/enhance its credit facilities from the lender banks.
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