New Delhi, Oct. 29 -- The CBI has registered a bank fraud case involving alleged wrongful losses of around Rs 210.13 crore against Mumbai-based Chandra Proteco, its three directors and others, and conducted searches at premises linked to the directors in Prayagraj.
The case was registered on a complaint by Indian Bank's Stressed Asset Management Branch, Mumbai, against the company, directors Ranjeet Gupta, Anilesh Gupta and Aparna Gupta, some public servants and unidentified persons.
According to the CBI, the accused allegedly conspired to obtain cash credit, term loans and letters of credit worth Rs 541.46 crore from a consortium of six banks led by Indian Bank. The alleged fraud resulted in losses of approximately Rs 210.13 crore to five banks in the consortium. The company allegedly manipulated its books of accounts by maintaining undisclosed accounts with banks outside the consortium and using letters of credit through entities sharing common directors or having a sister-concern relationship, the agency said.
The CBI further alleged that the loans were diverted through associate companies instead of being used for the purposes for which they had been sanctioned, causing losses to the lending banks. The case has been registered under various provisions relating to criminal conspiracy, cheating and the Prevention of Corruption Act.
Published by HT Digital Content Services with permission from Millennium Post.