New Delhi, April 18: Promoters of Diamond Power Infrastructure Ltd (DPIL), who are accused for allegedly defrauding a consortium of banks of Rs 2,654 crore, were nabbed from Rajasthan’s Udaipur.
The CBI registered a case against the accused and others on the allegations of cheating the banks to the tune of Rs. 2654.40 Crore (approx) by falsification of accounts, creation of false documents, forgery of records etc.
CBI has arrested Suresh Narain Bhatnagar, Amit Bhatnagar & Sumit Bhatnagar, the promoters & directors of Diamond Power Infrastructure Ltd, Vadodara in an ongoing investigation of a case.
— ANI (@ANI) April 18, 2018
The probe agency had registered an FIR on March 26, alleging that Bhatnagars, who owns Diamond Power Infrastructure Limited (DPIL), defrauded a consortium of public and private sector banks, leaving behind an outstanding debt of Rs 2,654.40 crore as on June 29, 2016.
At the time of consortium’s formation in 2008, Axis Bank was the lead bank for the term loan and the Bank of India was the lead bank for cash credit (CC) limits, according to IANS report.
Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59) and IFCI (58.53 crore).
The firm, allegedly with the support of officials from various lenders, managed to obtain enhancement in credit facilities. During 2011, DPIL had projected turnover of Rs 2,197.60 crore for the year 2012 whereas the actual turnover was Rs 1,267.60 crore only for the year 2011, the FIR said.
“DPIL got credit facilities enhanced from Rs 285 crore to Rs 480 crore.”
Next year, against the estimates of Rs 2,197.60 crore, DPIL actually achieved a turnover of Rs 1,740.38 crore as on March 31, 2012, which was Rs 457.22 crore less from the projected turnover figure, despite the fact that the CC limit was fully availed by the company, stated the FIR.
According to the FIR, Bank of India officials, while conducting the credit review, did not decrease the cash credit limit and kept it unchanged at Rs 480 crore even though such figures were based on grossly exaggerated sales figures.