Mumbai: The Central Bureau of Investigation (CBI) has registered a case of cheating and criminal conspiracy against a Beed-based sugar factory and its directors for allegedly duping a consortium of banks to the tune of Rs98.54 crore.
The CBI officials claimed that the accused persons had falsified the accounts, forged and fabricated documents for unlawful gains.
PNB reported fraud in 2022
According to the CBI, the head of the branch, CBI, Economic Offences Branch, Mumbai, received a written complaint on May 25, 2022, from Bina G Narula, Assistant General Manager, Punjab National Bank, Cuffe Parade, against a sugar factory, its promoters, directors, guarantors, unknown public servants and unknown others for causing wrongful loss of Rs98.54 crore to the banks.
“The company was incorporated on October 13, 2000 as limited by shares (LLP) company for setting up a sugar-cum-co-generation power plant in Beed at a cost of Rs171.19 crore with promoters contribution of Rs 71.19 crore and a proposed term loan of Rs60 crore. The borrower had availed loan, credit facilities under consortium arrangement from Punjab National Bank of India as leader bank and other banks - Andhra Bank (now Union Bank of India) and Punjab and Sindh Bank – for setting up the plant in the financial years 2012-13 and 2013-14. Although banks disbursed loans as per sanction, the project got delayed and could not complete and the account became NPA in FY2014-15,” the CBI stated in its FIR.
“The fraud perpetrated by the accused persons came to light through a forensic audit report dated July 24, 2019 and the fraud had taken place during 2012-2013. Forensic audit has been conducted for 5 years from April 1, 2013 to March 31, 2018. The accused persons have falsified the accounts, forged and fabricated the documents in order to gain unlawfully at the cost of the bank's funds,” the FIR stated.
