The CBI has booked administrators and former administrators of a Shahjahanpur-based rice agency for allegedly defrauding the Punjab National Bank to the tune of Rs 43.98 crore by siphoning of mortgage funds, officers stated Wednesday.
The company has named the administrators of the the rice firm Atarson Overseas Private Ltd Rachin Gupta, Sunil Gupta, former director Seema Gupta, company guarantor Mukesh Kumar Sharma and Ajay Kumar within the alleged dishonest case which came about between April 1, 2015 and March 31, 2019, the FIR stated.
The Oriental Bank of Commerce (OBC), which is now Punjab National Bank, had sanctioned credit score amenities akin to money credit score restrict of Rs. 40 crore and time period Loan of Rs 4.88 crore on September 14, 2017.
During the forensic audit of the corporate, it was discovered that the central GST division had raided the premises of the corporate in Shahjahanpur and Bareilly on October 20, 2018.
Subscriber Only Stories
The raid revealed “widespread irregularities in sales and purchase invoices” with many invoices discovered pretend.
The firm had used numbers of scooters and e-rickshaws on e-way payments purportedly used for ferrying its load throughout states.
The raid confirmed that the corporate had allegedly used pretend invoices to assert enter tax credit score of over Rs 90 crore by exhibiting gross sales and purchases amongst associates and pleasant considerations with out having any bodily supply of commodities.
It is alleged that one other agency Balaji Farms and Rice Processing the place Rachin Gupta was a standard director had availed a mortgage of Rs 48 crore from the Nainital Bank for a similar venture which was funded by the OBC.
When the pictures of items had been exchanged amongst bankers, the Nainital Bank confirmed to OBC that that they had financed the identical venture however “shockingly” they didn’t point out Director Identification Number (DIN) of Rachin Gupta which allowed him to avail credit score amenities for an additional firm in a special financial institution, the FIR alleged.
Gupta allegedly didn’t open up to OBC that he had taken a money credit score restrict of Rs 40 crore from the Nainital Bank.
“The accused deliberately manipulated bank accounts, diverted the funds of the bank, evaded tax and took loans from various other banks fraudulently with ill as well as dishonest motive…,” the financial institution has alleged in its grievance which is now a part of the FIR.
The financial institution alleged that they hid info from consortium banks in opening accounts with non consortium banks which represent fraud.
The accused administrators have additionally “unanimously” eliminated whole hypothecated inventory from their respective godowns and manufacturing unit premises and may need destroyed data of their custody in continuance of their offence, it alleged.