CBI registers another bank fraud case against Puris

Conducts searches on premises linked to then directors of Moser Baer Solar Limited

In this April 7, 2010 file photo, the then President, Pratibha Patil confers Padma Shri award to Deepak Puri, founder, CMD of Moser Bear India Ltd., at Rashtrapati Bhavan, New Delhi.

The CBI on Friday searched premises linked to the then directors of Moser Baer Solar Limited (MBSL) and others in connection with a new case alleging that they caused a loss of ₹787.25 crore to the Punjab National Bank and other lenders of a consortium.

 

“The searches have been carried out on the premises of accused company directors, including Deepak Puri and his son Ratul Puri,” said a CBI official.

 

In August 2019, the CBI booked another group concern, Moser Baer India Limited (MBIL), and the Puris for alleged bank loan fraud involving ₹354.51 crore. Among those named in that case were Mr. Deepak Puri, his wife Nita Puri and their son, besides directors Sanjay Jain and Vineet Sharma.

 

In the latest case, the CBI has named the Puris, apart from the MBSL, Sunita Gupta, Deepak Khandelwal, Rajesh Khandelwal, Bernhard Hermann Gallus, Sunita Mowdgal and Sanjay Jain. The role of unknown bank officials is also under investigation.

 

The company had taken credit facilities from Punjab National Bank, Indian Overseas Bank, Exim Bank, State Bank of India, Union Bank of India, Central Bank of India and Bank of Baroda. The amount stood at ₹955.84 crore in January 2012.

 

It is suspected that funds were diverted through sham transactions, as the sale proceeds and capital funds were not deposited with the lenders and routed through several other banks. Instead of repayment of loans, the company allegedly invested ₹696.51 crore in one Helios Photovoltaic Limited, a related firm that had been booking losses since 2011-12.

 

Based on the first case, the ED initiated a money laundering probe and arrested Mr. Ratul Puri last year. He is also being probed in the AgustaWestland VVIP chopper deal case. In May last, it attached assets worth ₹385.44 crore of accused Rajiv Saxena in the copper deal and MBIL cases.

 

It was alleged that the funds raised by Mr. Deepak Puri through the loan were diverted and kept by Mr. Saxena till 2018. The assets purportedly linked to Mr. Ratul Puri, which were transferred to Mr. Saxena from an undisclosed foreign entity, were also attached by the ED.