This Company Defrauded SBI, Axis Bank & Others Of Rs 2435 Crore! FIR Lodged, Investigation Started By CBI
The CBI has registered an FIR against billionaire Gautam Thapar and his company after SBI filed a complaint.
SBI Contacts CBI
Suresh Kumar Pareek, Branch Head, SBI, Industrial Finance Branch at Bandra East in Mumbai reached out to the CBI HQ in New Delhi.
SBI had complained to the CBI in a report that Thapar’s former company CG Power and Industrial Solutions caused losses to the tune of Rs 2,435 crore to the State Bank of India (SBI) and other banks.
Murky History With Former Company
CG Power and Industrial Solution Ltd, earlier known as Crompton Greaves Ltd is an MNC dealing with products related to power generation, transmission, and distribution.
The company had fired Thapar as chairman in Aug 2019 after a multi-crore financial fraud was discovered.
He was alleged to have misappropriated funds of the company.
Other Banks That Were Cheated
The other banks defrauded by Thapar and his firm include Bank of Maharashtra, Axis Bank, Yes Bank, Corporation Bank, Barclays Bank, IndusInd Bank among others.
It was alleged that the aforementioned banks were cheated and loss of funds was caused by means of diversion of bank funds, sham transactions with related parties, borrowing funds from the bank by misrepresentation.
It was found that the accused had carried out the alleged criminal activities in the period between 2015-19.
The accused individuals are C.G. Power and Industrial Solution’s then CEO and MD K. N. Neelkanth; executive director and chief financial officer Madhav Acharya; director B. Hariharan; non-executive director Omkar Goswami; and then chief financial officer Venkatesh Rammoorthy.
Other accusations include falsification or fabrication of books of accounts, entries, vouchers, and financial statements; furnishing false, incorrect or misleading information; siphoning off funds including various loan proceeds.
The CBI has therefore started conducting searches at the locations of those accused.
Thapar was already under the scanner earlier this month for a case where he and the agency he is a promoter of, Avantha Realty Limited, had cheated Yes Bank of Rs 466.51 crore in 2017-19.