The Central Bureau of Investigation has booked a Rohtak-based company and five persons for allegedly cheating a consortium of the Canara Bank and the State Bank of India (SBI) of ₹176.28 crore.
Those named as accused are Lakshmi Precision Screws Limited, Lalit J. Jain, Rajesh Jain, Vijay Kumar Jain, Nilkesh Jain and Saurav Jain, all residents of Rohtak in Haryana.
In its complaint to the agency, the Canara Bank said the accused persons submitted forged documents, diverted funds and disposed of mortgaged properties without the consent of the lending banks. Canara Bank had lent ₹145 crore, while SBI had disbursed ₹35 crore to the company.
Owing to non-payment of dues, Canara Bank declared the loan account a non-performing asset (NPA) in April 2018, while the SBI designated it as NPA in September 2018. The account was later reported as a fraud to the Reserve Bank of India.
The financial irregularities were detected during an audit of the transactions from 2013 to 2018. The auditor found that the funds were diverted allegedly on the pretext of purchases to related entities. Loans were also extended to such companies without making any recovery of dues.
According to the FIR, the suspect company gave ₹1.02 crore in loan to an associate company named Lakshmi Extrusions in March 2016, which was adjusted against a purported purchase shown in October-November 2016. “No earlier or subsequent purchases were noted from the same company during the review period,” it said.
