New Delhi, June 16 (Agency) Central Bureau of Investigation (CBI) filed chargesheet against New Delhi based private company and others including its Promoters, Directors, Statutory Auditor and Company Secretary for allegedly defrauding a consortium of 12 banks led by Punjab National Bank (PNB) of Rs 2040.63 crore, the probe agency said on Thursday. A case was registered on September 25, 2020 against a private company (borrower) and others including its Directors and unknown others on the allegations of causing loss of Rs 2040.63 crore to the consortium of 12 banks led by Punjab National Bank. It was alleged that the company (Borrower) having its registered office at Greater Kailash Enclave-I, New Delhi and its units at various places in Noida, Roorkee and Mumbai was engaged in manufacturing and exports of stuffed toys, home furnishing items, dyeing and bleaching, processing of fabrics, said CBI.
Investigation revealed that the accused allegedly manipulated the books of accounts by suppressing the actual derivative loss and made false financial statements across the years, from 2008-2013, in order to present the inflated financial worth of the company for the purpose of obtaining various credit facilities from the banks. It was further alleged that the quantum of suppressed derivative loss were malafidely and incorrectly reflected as non-existent debtors as well as stock in its books of accounts, thereby resulting in excess borrowing of Rs 478.35 crore from the consortium banks, said CBI. It was also alleged that the borrower company had inflated its turnover by entering into non-genuine transactions with certain parties. These trades were allegedly done in circular transactions amounting to Rs 560 crore in order to siphon money from the banks and diverted the funds for personal gains/benefits of the Directors and promoters of the Company, said CBI.