The Central Bureau of Investigation has registered a case against a Bangalore-based non-public company and others for causing an alleged loss of over Rs 200 crore to Indian banks.
A search was carried out by the CBI on the residence and official premises of the accused in Bangalore and Shoolagiri, Krishnagiri District (File picture: PTI)
CBI has registered a case against a Bangalore-based non-public company and others for causing an alleged loss of over Rs 200 crore to Indian banks. The Central Bureau of Investigation (CBI) stated the borrower company, through the interval 2017-2019, availed credit score amenities below consortium lending consisting of Indian Bank and e-Vijaya Bank. The borrower then went on to defraud the banks, the CBI added.
The federal probe company has registered an FIR on the idea of a grievance by Indian Bank against Metal Hypermart India Personal Restricted Bangalore, its administrators Mahendra Kumar Singhi, Suman Mahendra Kumar Singhi, Chartered Accountant Mukesh Surana, and unknown public servants.
On Wednesday, a search was carried out by the CBI on the residence and official premises of the accused in Bangalore and Shoolagiri, Krishnagiri District (Tamil Nadu), which in accordance to officers, resulted within the restoration of a number of incriminating paperwork and different materials proof.
The account of Metal Hypermart India Personal Restricted was a non-performing asset (NPA) on April 30, 2019. As well as, the agency was declared to be a fraud on November 7, 2019.
In accordance to the FIR, the accused company, so as to avail greater working capital limits from the banks was concerned within the inflation of its turnover, buy transactions with the associated sister considerations, inflation of receivables, diversion of funds inside the sister considerations, submitting false and fudged accounts and statements.
The agency allegedly siphoned off the banks’ funds causing loss to the tune of over Rs 200 crore.
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