Delhi

CBI books Delhi-based company for ₹35.10-crore bank fraud

Central Bureau of Investigation HQ, in New Delhi. File  

The CBI has registered a case against Surya Boards Limited, its managing director Jitendra Kejriwal and five directors for allegedly cheating the Bank of Baroda of ₹35.10 crore.

The bank had extended various credit facilities to the company October 2010 onwards. It is alleged that the borrowers had failed to maintain financial discipline and defaulted on payment of dues. The account was under stress since the last quarter of 2012-13.

To ease the liquidity position of the company, the bank sanctioned an ad hoc limit of ₹4.50 crore in February, 2014. However, the situation did not improve and the account was declared non-performing assets (NPA) in September 2014.

The credit facilities were restructured and the company was provided an opportunity to revive its financial position. However, it is alleged that the company had failed to comply with the terms of the restructuring package. The account was again designated as an NPA in January 2016.

A forensic analysis of the account was conducted. The bank alleges that the company did not route any turnover through the current account opened with it. They were received via the current accounts opened with other banks. The funds were also allegedly siphoned off and used for unstated purposes.

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Printable version | Oct 23, 2020 1:21:54 PM | https://www.thehindu.com/news/cities/Delhi/cbi-books-delhi-based-company-for-3510-crore-bank-fraud/article32573238.ece

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