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Rs 1,528 crore scam: CBI books private firm, others for allegedly defrauding 16 banks

Probing a massive fraud to the tune of Rs 1,528 crore, the Central Bureau of Investigation on Wednesday booked a private firm for allegedly defrauding 16 banks.

The probe agency carried out raids in Himachal Pradesh’s Kangra and Paonta Sahib after registering a case against Delhi-based company Indian Technomach. The agency said that the company, its CMD, other private individuals and public servants conspired to defraud a consortium of 16 banks led by the Bank of India of Rs 1,528.05 crore.

“The Central Bureau of Investigation has registered a case against a private company M/s Indian Technomach Co. Ltd based at Delhi & having its industrial unit in Himachal Pradesh and others including Rakesh Kr Sharma, Promoter & CMD; Vinay Kr Sharma, Director/Guarantor & two Corporate Guarantors, M/s Gurupath Merchandise Ltd.,(Corporate Guarantor), Kolkata & M/s Thunder Traders Ltd. (Corporate Guarantor), Kolkata; Unknown public servant(s)/unknown others on the allegations that the accused conspired with each other to defraud the banks and caused loss of Rs.1528.05 crore (approx) to the consortium of 16 banks led by Bank of India,” the CBI said in a statement.

The other banks were Union Bank of India, Andhra Bank, Punjab & Sind Bank, Indian Overseas Bank, State Bank of Hyderabad, Central Bank of India, Corporation Bank, HDFC Bank, Oriental Bank of Commerce, Saraswat Co-operative Bank, State Bank of Patiala, UCO Bank, Allahabad Bank, Standard Chartered Bank, and DBS.

The CBI alleged that that the private company, engaged in the manufacturing of ferrous and non-ferrous metal, obtained credit facilities and loans from the consortium of 16 nationalised and private banks from 2008 to 2013.

The account was classified as NPA in the books of accounts of Bank of India from March 2014, then red-flagged by the bank, as advised by the RBI in May 2015, and declared fraud in February 2016.

(With IANS inputs)

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