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CBI FILES CHARGESHEET AGAINST A COMPANY, OTHERS INCLUDING ITS PROMOTERS FOR CAUSING LOSS OF RS. 2040.63 CRORE TO PNB LED CONSORTIUM OF 12 BANKS

June 17, 2022 12:58 PM

New Delhi (Face2News)

The Central Bureau of Investigation has filed a chargesheet against New Delhi based private company and others including its Promoters, Directors, Statutory Auditor, Company Secretary etc for defrauding consortium of 12 Banks led by Punjab National Bank (PNB) to the tune of Rs.2040.63 crore (approx).

A case was registered on 25.09.2020 against a private company (borrower) and others including its Directors/Accomplices & unknown others on the allegations of causing loss to the tune of Rs.2040.63 crore (approx) to the consortium of twelve banks led by Punjab National Bank. It was alleged that the said company (Borrower) having its registered office at Greater Kailash Enclave-I, New Delhi & its units at various places in Noida, Roorkee and Mumbai was engaged in manufacturing & exports of stuffed toys, home furnishing items, dyeing & bleaching, processing of fabrics etc.

Investigation 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 malafidely 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 (approx) from the consortium banks.

Investigation 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 malafidely 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 (approx) from the consortium banks.

It was also alleged that the said Borrower 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 (approx) in order to siphon money from the banks and diverted the funds for personal gains/benefits of the Directors and promoters of the said company.

Further investigation on role of others are continuing.  

 
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