Bhopal (Madhya Pradesh): Central Bureau of Investigation and Anti Corruption Bureau, Bhopal, have registered case against Mumbai-based company for misappropriating Rs 6,524 crore from 19 banks between 2016 to 2018. The Anti Corruption Bureau unit of Bhopal has registered the case against the company officials.
According to CBI, a written complaint was submitted by Chief General Manager, Canara Bank Circle Office, New Delhi, Bhavendra Kumar on May 26, 2023. In the complaint, it was alleged that ITNL and its directors, CFO, cheated 19 banks under multiple banking arrangements, in which Canara Bank was the largest lender.
The accused misappropriated the sanctioned credit facilities by diverting funds, making circular transactions between sister concerns and misrepresenting books of income and expenditures. Thus, the accused caused loss of Rs 6,524 crore (as on 31.10.2021) to lending banks.
The company is a developer, operator and facilitator of surface transportation infrastructure projects. This includes conceptualisation through commissioning to operations and maintenance under Public Private Partnerships on Build-Operate-Transfer (BOT) basis.
