The CBI registered four cases against a private firm and others in a bank fraud case on the basis of complaints filed by Canara Bank, Punjab National Bank, IDBI Bank Ltd. and EXIM Bank.
Mumbai,UPDATED: Jan 12, 2023 20:23 IST
The CBI recovered Rs 1.99 crore during searches at the premises of whole time director, Devki Nandan Sehgal. (Image: India Today)
By Divyesh Singh: The Central Bureau of Investigation has registered four separate cases against a private company, its directors and MD in connection with bank fraud of over Rs 217 crore. The agency registered a case against PSL Ltd on the basis of complaints filed by Canara Bank, Punjab National Bank, IDBI Bank Ltd. and EXIM Bank.
The first case was registered against PSL Ltd and others others on the allegations of defrauding e-Syndicate Bank (now Canara Bank) to the tune of Rs.30.49 crore (approx). The complainant further alleged that the said private company, which was in the business of pipe manufacturing and pipe coating, availed credit facilities from e-Syndicate Bank and thereafter diverted the funds into its subsidiary companies.
The second case was registered against the firm, its directors, MD, and others on the allegations of defrauding Oriental Bank of Commerce (now merged with Punjab National Bank) to the tune of Rs. 51.90 crore (approx). It was further alleged that the said private company availed credit facilities in order to execute work orders received from GAIL and NTPC. It was also alleged that the accused deliberately siphoned off the money received from the projects without informing the bank.
The third case was registered against PSL Ltd and others on the allegations of defrauding IDBI Bank Ltd to the tune of Rs. 29.06 crore (approx). The complaint accused the firm of utilizing the loan received from the bank for various projects for purposes other than for which it was sanctioned.
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The fourth case was registered against the private company and others on the allegations of defrauding Export Import Bank of India (EXIM Bank) to the tune of Rs.105.92 crore (approx). It was further alleged that the accused availed credit facilities in order to execute work orders, but deliberately diverted the money received for other purposes.
On Thursday, the agency conducted searched at 12 locations, including at Mumbai (8) and one each at Daman, Kutch, Noida, and Delhi, at the premises of the accused/entities which led to recovery of incriminating documents and articles.
“During searches at the premises of whole time director Devki Nandan Sehgal at Sahadev Projects Pvt. Ltd., Sahar Plaza Complex, Andheri, Mumbai USD 90413 and Rs 1.99 crore were recovered in Mumbai on Thursday,” the CBI said in a statement.
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