The Central Bureau of Investigation (CBI) has booked a Delhi-based private firm Indian Technomach for conspiring to defraud several banks.
The Accused
It is being accused of defrauding 16 banks of funds amounting to Rs 1528 crore.
The agency believes that the company’s CMD Rakesh Kumar Sharma, other private individuals and public servants participated in a conspiracy to defraud a consortium of 16 banks led by Bank of India.
The Affected Consortium
The affected banks include:
- Bank of India
- Union Bank of India
- Andhra Bank
- Punjab & Sind Bank
- Indian Overseas Bank
- State Bank of Hyderabad
- Central Bank of India
- Corporation Bank
- HDFC Bank Limited
- Oriental Bank of Commerce
- Saraswat Co-operative Bank
- State Bank of Patiala
- UCO Bank
- Allahabad Bank
- Standard Chartered Bank
- DBS
Loan Funds Were Diverted
The accused were involved in manufacturing ferrous and non-ferrous metal for which they took loans from the banks.
In the period from 2008 to 2013, it later diverted the funds causing a loss of Rs 1528.05 crore.
The account later became a non performing asset w.e.f. March 31, 2014 due to alleged defaults on payments.
Under advice of the RBI, the account was red-flagged by the Bank of India in May 2015 and was declared fraud in February 2016.
Searches were conducted at various premises of the accused, including those in Kangra and Paonta Sahib in Himachal Pradesh.
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