The CBI Tuesday filed a charge sheet against Parekh Aluminex Ltd (PAL) and its director, besides some officials of Indian Overseas Bank (IOB) in an alleged bank fraud case worth Rs 297.80 crore, officials said.
The company which is into manufacturing of Aluminum Foil Containers, Aluminum Foil Rolls, Lids and other related products is facing multiple CBI cases with outstanding dues of Rs 917.61 crore to various banks as detected by the CBI so far, they said.
In the case related to the IOB, the agency has chargesheeted 24 accused persons including the Mumbai-based company, its director, chartered accountant, then officials of the public sector bank and directors and proprietor of associated companies, they said.
“It was alleged that the accused allegedly aided in diversion of funds and facilitated in siphoning-off funds by way of submitting fake and forged purchase invoices and LCs.
“It was also alleged that the said company had availed credit limits from various banks and financial institution. Out of these Nationalized
banks, Indian Overseas Bank Mumbai Branch has disbursed credit facilities to the tune of Rs 292.20 crore (approx) under consortium arrangement,” CBI Spokesperson RC Joshi said.