The Central Bureau of Investigation (CBI) has arrested two former Managing Directors of two separate private companies in an on-going investigation of Rs 837 crore banking fraud.
The first case was registered against Sun Plant Agro Ltd. (ponzi company) and its then Managing Director of Awdhesh Singh and others.
In this case, it was alleged that Singh and others had illegally collected about Rs 697.72 crore from the investors under various fraudulent schemes on assurance of paying high returns on such investments on maturity. The accused fled away and cheated the investors and allegedly misappropriated the invested money.
The second case was registered against New Land Agro Industries Ltd. (Ponzi company) and the company’s then Managing Director Dipankar De and others.
The FIR alleged that De conspired with other Directors and illegally collected about Rs 139 crore from the investors under various fraudulent schemes on assurance of paying high returns on such investments on maturity. In this case also the accused fled away and cheated the investors by misappropriation of their invested money.
Meanwhile, the CBI has registered a case on a complaint from Canara Bank (lead bank) on behalf of a consortium of four member banks against a Surat-based private company Surya Exim Ltd. and others including its Directors, unknown public servants and unknown others.
“It was alleged that, during the period 2017 to 2019, the accused entered into a conspiracy to cheat a consortium of banks including Canara Bank to the tune of Rs 121.05 crore (approximately) by way of forgery and diversion of funds,” the CBI said in a statement.
The company was allegedly enjoying credit facilities from the banks. It was further alleged that the company maintained accounts in private banks without obtaining a No Objection Certificate (NOC) from consortium member banks and also indulged in fraudulent practices to siphon off funds of the banks. The account became non-performing assets (NPA), thereby causing an alleged loss of Rs 121.05 crore to the consortium.
Searches were conducted at five places including official and residential premises of the accused at Surat and Navsari in Gujarat which led to the recovery of incriminating documents/articles, it added.