The CBI has registered a case on a complaint from State Bank of India, New Delhi against private company (borrower company) Fedderes Electric and Engineering Ltd and others including its directors/promoters for causing an alleged loss of Rs. 1028.94 crore to SBI and other consortium member banks.
The agency conducted searches at seven locations at the premises of the accused at Delhi, Noida, Gurugram and Bulandshahr.It has been alleged in the complaint that the accused including a private company and its directors had cheated the SBI and other consortium member banks including Central bank of India, Axis Bank, Standard Chartered Bank, Karnataka Bank, Punjab National Bank, ICICI Bank”The accused persons and the entity had cheated the consortium by way of diversion of bank funds, sham transactions with related parties, borrowing funds from the bank by misrepresentation, falsifying/fabricating books of accounts, entries, vouchers and financial statements, furnishing false, incorrect or misleading information and siphoning off funds including various loan proceeds. The allegations were based on a forensic audit report,” the CBI said in a statement.