Amount outstanding to seven-bank consortium led by SBI
The Central Bureau of Investigation has booked Fedders Electric and Engineering Limited and others for allegedly cheating a consortium of seven banks to the tune of ₹1,028.94 crore. The agency conducted searches on the premises of the accused persons in Delhi, Noida, Bulandshahr and Gurugram.
Among the accused persons are Akhtar Aziz Siddiqi, Sham Sundar Dhawan, Bindu Dogara, Ritushri Sharma, Arun Kumar Joshi and Randheer Jain.
According to the agency, the company and its directors had borrowed funds from the consortium led by the State Bank of India. In July 2018, the loan account was declared a Non-Performing Asset and a forensic audit was ordered for the period April 2012-March 2018
The audit revealed that the accused persons indulged in sham transactions with related parties, made false representations to the banks for credit facilities, made fake entries in the books of accounts, forged vouchers and financial statements, and disposed of mortgaged assets.
They opened accounts with 11 other banks to do transactions outside the consortium. The funds were allegedly siphoned off.
The First Information Report says the auditor identified 11 fictitious debtors of the company with an outstanding of ₹46.11 crore.
Source: Read Full Article