The CBI on Wednesday arrested four directors of Surya Vinayak Industries for cheating many banks to the tune of Rs2,440 crore. Chief Metropolitan Magistrate Sumit Dass sent Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal, arrested on the complaint of Punjab National Bank (PNB), to custody till April 22.
The four accused were arrested by CBI earlier in the day, for allegedly using more than 100 shell companies for routing and diversion of bank funds. The firm and the shell companies had no genuine business transactions, the CBI sources had said.
The PNB has alleged that the company had diverted bank funds to the tune of Rs2,240 crore, which resulted in loss to the consortium. Over Rs300 crore of working capital was also allegedly moved to six companies set abroad, it said.