The Central Bureau of Investigation on Tuesday arrested at least two accused in connection with the alleged loan defaults by Surya Vinayak Industries Limited.
A CBI official confirmed that the two accused had been arrested for their alleged involvement.
The Delhi-based perfume company figured in a list of major defaulters, which was released by the All India Bank Employees’ Association. Several bank officials had also come under the CBI scanner for their suspected role in the ₹2,000-crore non-performing assets (NPAs) case.
The accused company was given loans by a consortium of financial institutions led by the Punjab National Bank (PNB).
Figures fabricated
The PNB started granting loans to the company from 2009 onwards. While the loan limits were enhanced in due course, the bank later found that the figures of book debts were purportedly fabricated.
The loans were declared NPA in 2012, when the total outstanding amount stood at ₹2,066.66 crore, according to CBI records. The bank lodged a complaint with the agency in 2013 seeking a probe.
Common addresses
An external audit detected a series of alleged irregularities. “Of the total 142 debtors of the company, 40 had common addresses, 22 with similar addresses and 46 debtors could not be located during site visits,” the PNB had alleged.
The Reserve Bank of India, according to the CBI, concluded that the company had not exported commodities for which it availed itself of export finance from the consortium. The funds were allegedly diverted.
The Enforcement Directorate suspects that the funds were transferred overseas for acquiring assets.
Last year, the ED had attached assets allegedly associated with the company and its sister concern as part of its probe under the Prevention of Money Laundering Act.