The CBI has registered an FIR against Mumbai-based Pratibha Industries Ltd and its four directors/guarantors for allegedly duping a consortium of 17 banks led by Bank of Baroda to the tune of Rs 4,957 crore.
Besides Pratibha Industries Limited, Mumbai, the CBI has named Directors and Guarantors Ajit Bhagwan Kulkarni, Ravi Kulkarni, Sunanda Datta Kulkarni and Sharad Prabhakar Deshpande as also unknown public servants and unknown private persons, as accused in the case.
The company was into development of infrastructure projects, which included designing, engineering and execution/construction of complex, integrated water transmission, distribution projects, water treatment plants, mass housing projects, precast design and construction, road construction and urban infrastructure, the CBI said in a statement.
It was alleged that the accused had diverted huge amounts of money from the borrower company to its related parties and subsidiaries and subsequently, these advances were written-off by the company. It was also alleged that the company had entered into fictitious sales and purchase transactions in order to inflate its turnover.
Further, to avail credit facilities from the lender banks, the work-in-progress was allegedly inflated and a huge amount of Vender Liability was directly adjusted against Customer Account without having any supporting document for the same.