Mumbai: Three men were recently arrested by the Economic Offences Wing in a fraud case of Rs 290 crore. The four men were accused of duping the Axis bank. The accused are the directors of a city based company.
Bhawarlal Bhandari, 46, Premal Goragandhi, 40 and Kamlesh Kanungo, 41, are the directors of various firms and were allegedly involved in the fraud case as the three helped the main accused in taking Rs. 290 crore. Axis bank ltd. filed a case against the four in the NM Joshi Marg Police Station. The case then got transferred to the Economic Offences Wing.
The case was registered against Amitabh Parikh, Rajendra Gothi, Devanshu Desai, Kiran Parikh and Vikram Mordani. They were the directors of the firm Parekh Alluminex Ltd at the time. After Amitabh Parekh passed away the directors stopped repaying the bank the amount.
Parekh Alluminex Ltd repaid their earlier short term loan of Rs.125 crore duly to the bank in the year 2010. The accused, however, did not repay the many other short term loans and credit facility which summed up to Rs. 290 crore.
These loans were taken between the year 2011 and 2013. The letter of credit facility for Rs. 240 crore was availed from the bank and the rest of the funds, which is Rs 50 crore were taken as LC from the Federal Bank. To make it easy to pay, the bank even restructured the amount for the firm. But the firm was still not able clear the pending dues and was declared as non-performing assets.
As reported by the Hindustan Times, an officer said that, “To get the loans, the names and documents of many firms were misused by the accused.”
The accused Bhawarlal Bhandari is the beneficiary of Rs 70 crore which was obtained from the 2 LCS opened by Parekh Alluminex Ltd. “Probe is on and more arrests are likely in the case,” said an officer, as quoted by the Hindustan Times.
The accused was instructed by Kamlesh Kanungo, also an accused. Kanungo who structured the plan, is also involved in diverting the funds. He was one of the directors of the firm Sikkim Ferro Allys Private Ltd which also received beneficiary on the funds taken as LC (Letter of credit) from the bank. The director Surya Kiran Ferro Alloys Private Ltd is also one of the accused and is beneficiary of Rs. 50 crore also taken from the bank.