CBI files chargesheet against pvt firm, ex-promoter, in bank fraud case
Jan 04, 2023
New Delhi [India], January 4 : The CBI on Wednesday filed a chargesheet against Mumbai-based M/s CG Power and Industrial Solutions Ltd, a company manufacturing electrical equipment, and its promoters in an ongoing investigation of a case related to bank fraud of over Rs 2,000 crores.
The chargesheet, submitted before a special judge at Rouse Avenue District Courts in the national capital, was filed against M/s CG Power and Industrial Solutions Ltd, its then promoter Gautam Thapar, and others.
The CBI informed that a case was registered in June 2021 against the private company and others. including its promoter, CEO and MD, ED and CFO, two independent directors; CFO, unknown public servants and others.
It was alleged that the accused had cheated the consortium of 13 banks, led by the State Bank of India, of Rs 2,435 crore (approx).
Further, according to the chargesheet, a huge amount of bank loans were diverted by the accused to its related parties and subsequently, adjustment entries were made.
The CBI further alleged that the accused had availed loans against the same securities without disclosing the money taken from other banks and also borrowed funds from the bank by misrepresentation and falsifying of books of accounts, entries and vouchers.
Further investigation in this matter is underway.
