CBI registers fresh FIR against GTL Infrastructure Ltd for alleged bank fraud of Rs 4,760 crores

New Delhi [India], August 22 : The Central Bureau of Investigation (CBI) has once again taken action against Mumbai-based telecom infrastructure giant GTL Infrastructure Ltd by registering a new First Information Report (FIR).
This FIR, which follows an earlier one filed in January 2023, alleges that the company, along with unknown public servants, was involved in defrauding a consortium of banks to the staggering tune of Rs 4,760 crores.
This new development intensifies the legal troubles for GTL Infrastructure Ltd, with the CBI unearthing fresh evidence of fraudulent activities spanning the years 2009 to 2012.
The initial FIR, registered earlier this year, had accused the company's directors and others of defrauding a consortium of banks of approximately Rs 4,500 crores.
The FIR outlines that the CBI received a written complaint from one of its inspectors, who conducted a preliminary enquiry into the matter.
The complaint names M/s GTL Ltd, its unidentified directors, unknown bank officers/public servants, and unknown private individuals, including vendors and beneficiary group companies, as the alleged wrongdoers.
According to the allegations, GTL Ltd fraudulently secured various credit facilities from consortium banks and subsequently diverted a significant portion of the loan amount in collaboration with its vendors and unknown bank officers.
Several vendor companies were allegedly established and operated with the intention of siphoning off the banks' short-term funds and other credit facilities, all in collusion with GTL Limited.
The enquiry revealed that although M/s. GTL Limited obtained short-term loans and other credit facilities, the majority of these funds were not utilized for their intended business activities.
Instead, the funds were allegedly misappropriated, resulting in a breach of trust with the lenders.
The FIR also highlights that substantial advances were given to these purported vendors, with a significant portion of the advance payments outstanding.
Some of these funds were allegedly routed back to GTL Ltd by the vendor entities after being appropriated for purported marginal supply by the vendors.
GTL Infrastructure Ltd is primarily engaged in providing various telecom network deployment services, operations and maintenance services, professional services, network planning and design services, and energy management services to telecom operators in India and international markets.
The company's promoters are Manoj Tirodkar and Global Holding Corporation Pvt Ltd (GHC).
The fresh FIR intensifies the scrutiny on GTL Infrastructure Ltd, highlighting the complexity of the alleged financial irregularities and fraud that occurred over several years. The CBI continues its investigation into the matter.