More than 5,400 cases of bank fraud had been reported in the first half of FY23, which was almost 1400 case more than the same period of FY22. Financial fugitives who have swindled thousands of crores from Indian banks are still out of reach for authorities,while others such as Wadhawans and Chanda Kochhar have been nabbed. Now Mumbai-based infrastructure firm Global Telesystems Limited (GTL) has been added to the list, after the Central Bureau of Investigation registered an FIR against it.
GTL, which deals in telecom infrastructure, faces allegations of siphoning off more than Rs 4,700 crore from a consortium of banks. A CBI inspector submitted a written complaint after investigating unknown directors, unknown officials and private persons along with vendors. The scam had been pulled off more than a decade back between 2009 and 2012, and was executed with the collusion of bank officials and vendors.
Credit facilities from the consortium of banks via dubious firms to access short term loans, by falsely claiming that the funds will be used for business operations. Hefty advances were paid to so-called vendors, and the amount was then routed back to GTL through different entities.
GTL provides design and energy management services to Indian and global telecom firms, and its promoter Manoj Tirodkar has also been named in the FIR.
