The Central Bureau of Investigation (CBI) has begun a probe against the promoters and directors of a chemicalmanufacturing company and an associate firm for allegedly causing a loss of around Rs 71 crore to the public sector State Bank of India (SBI).
The companies are accused of defaulting on loans from the bank’s Ahmedabad branch, manipulation of records and fund diversions, agency sources said.
The company had drawn credits from the bank between 2009 and 2015, but defaulted in paying them back, which led to classification of the loans as Non-Performing Assets (NPAs) in October 2014, sources said. The agency began the probe against the firm after receiving a complaint from SBI’s Ahmedabad unit.
“The two firms and their promoters/ directors and unknown public servants/others entered into a criminal conspiracy during 2009-2015 to cheat the erstwhile State Bank of Patiala and erstwhile State Bank of Mysore by manipulation of books of accounts and diversion of funds,” an agency source said.
The main firm had availed of credits from both the banks that became NPAs in October 2014, the source said.
A subsequent forensic audit conducted upon the defaulter accounts by the SBI allegedly revealed that the main firm had discontinued its production in December 2013 and the same was transferred to its subsidiary by transferring the entire plant and machinery to the latter without obtaining permission from the lenders, according to CBI. The transferred machinery and plant were worth around Rs 9 crore, the agency said.
The agency will also look into allegations that the two firms had diverted funds worth around Rs 23 crore that were part of the loan funds obtained from the lenders. The funds were allegedly diverted to the associate firm and related persons by the borrowers during 2009 to 2015 thereby cheating the lending banks, according to the CBI. “The bank suffered a loss of around 71 crore,” a source said. The CBI will examine those associated with the loan default and other associated transactions under its scanner, the source said.
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