The Central Bureau of Investigation has registered a case in opposition to a Delhi-based agency and its administrators for a financial institution fraud to the tune of Rs 52 crore. Officials within the company mentioned the accused fled the nation in 2019.
Five Core Electronics Ltd and its administrators — Amarjeet Singh Kalra, Surinder Singh Kalra, Jagjeet Kaur Kalra and Surinder Kaur Kalra — have been accused of dishonest, forgery, prison breach of belief and corruption.
The Union Bank of India financial institution has alleged that the corporate — which exports electrical and electronics items — approached them in 2015 to take over the credit score amenities from Bank of Baroda.
After taking up the credit score, the financial institution sanctioned round Rs 70 crore as contemporary credit score amenities to the corporate, which was prolonged to Rs 111 crore in 2016. But as a consequence of non-payment of dues, the account was declared a non-performing asset in June 2019, with an excellent of Rs 52 crore.
“Forensic audit revealed several irregularities including diversion of funds for creation of personal assets like purchase of sovereign gold bonds, investments in share markets etc and diversion of funds to sister concerns. Discrepancies have been observed in the export bills and invoices,” the financial institution alleged in its grievance to the CBI.
The account was declared “fraud” in November 2019 and the matter was reported to the Reserve Bank of India.
A raid by the Directorate of Revenue Intelligence in February that yr revealed that the unit was locked and nobody was accessible on the manufacturing unit.
Sources in CBI instructed NDTV that they obtained the grievance on June 3 and it’s learnt that the accused have fled the nation in 2019.
“Efforts are being taken to trace them. It is suspected they have defrauded more banks but as on date, we have received complaint from only one bank,” an official mentioned.
Significantly, the restoration plea filed by Andhra financial institution and Union Bank of India within the Debt Recovery Tribunal has been a non-starter for final two years, because the banks have not cleared the defects of their plea and it has not been admitted but.