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CBI Registers Case Against Diamond Power Infrastructure Ltd For Defrauding Banks Of Rs 2654 Cr

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| April 6 , 2018 , 10:23 IST

The Central Bureau of Investigation on Thursday registered a case against Vadodara-based Diamond Power Infrastructure Limited and its directors for defrauding banks to the tune of Rs 2,654 Cr. DPIL promoter SN Bhatnagar and his sons, Amit Bhatnagar and Sumit Bhatnagar too have been named in the FIR.

The company is engaged in the production of cables and other electrical equipment.

ALSO READ: Another Bank Fraud, Diamond Trader Scams Oriental Bank Of Commerce Of 390 Crore Rupees 

As per a Press release from CBI, it registered a case under sections 120-B r/w 420, 467,468,471 of IPC and sections 13(2) r/w 13(1)(d) of PC Act, 1988 against DPIL founder, Managing Director & Joint Managing Director, along with other unknown persons associated with them in conspiracy with the unknown bank officials cheated the banks to the tune of Rs. 2654.40 Crore (approx) by falsification of accounts, the creation of false documents, forgery of records etc.

CBI statement further said that DPIL, through its management, has fraudulently availed credit facilities from a Consortium of 11 Banks since 2008, with an outstanding debt of Rs. 2654.40 Crores.

These banks include Bank of India, Bank of Baroda, ICICI Bank, Allahabad Bank, Axis Bank, Dena Bank, SBI, IOB, IFCI, EXIM Bank of India, Corporation Bank and other financial institutions.

The company and its Directors allegedly managed to get the term loans and credit facilities in spite of the fact that they were already appearing in the RBI’s defaulters list and ECGC caution list at the time of initial sanction of credit limits by the consortium. 

The statement also stated that searches were being conducted at various locations at Vadodara including official & residential premises of accused & others.

Exposure of credit facilities from various member banks provided to DPIL: