New Delhi, January 21, 2020: The Central Bureau of Investigation has registered a case against 14 accused including 04 private companies & its Directors, Guarantors and unknown others for cheating and defrauding the Bank of India and 13 other banks under a consortium.
The complainant bank, i.e. Bank of India has alleged that the accused company based at Kanpur having its registered office in Bandra Kurla Complex, Mumbai was engaged in Merchant Trading, Import and Export of various commodities. The company had suppliers/buyers across the globe in countries such as Bangladesh, China, UAE, USA, Cambodia, Saudi Arabia, Switzerland, Taiwan etc.
It was further alleged that the said private company has availed credit facilities of Rs 4061.95 crore (approx.) from 14 PSU banks under a consortium, led by the Bank of India. The company allegedly diverted the banks’ funds by giving unsecured loans and advances to its non-business related parties.
There were variations in sales and purchase prices of non-Merchant Trade transactions and some of the non-Merchant Trading parties were found non-existent. There has been a mismatch in Merchant Trade transactions, with either port of loading & discharge or mismatch in the date of vessel movement. Inordinate time gap has also been observed in some of the bills of lading date compared to the vessel exit date at the same port.
All these factors indicate that there was no actual export of goods against the Merchant Trade transactions. It was also alleged that the said private company had submitted list of debtors, against whom it did not initiate any action for recovery of their dues, even after the outstanding remained for more than 12 months. The Foreign Letters of Credit issued on behalf of the said private company by the Bank of India & other lending banks started devolving from January 2018 onwards.
The company had allegedly defaulted in meeting its payment obligation towards the Bank by diverting and siphoning off the member bank’s funds. An alleged loss of Rs.3592.48 crore (approx.) was caused to the banks.
Searches have been conducted today at 13 (thirteen) places, including the office premises of said private companies and at the residential premises of the present/past Directors, Guarantors of the company in Mumbai (3 places), Delhi (4 places) and Kanpur (6 places).
The investigation is continuing.
Names of the accused :
1. M/s. Frost International Limited (FIL) having its Registered Office at BandraKurla Complex, Bandra( E ) Mumbai and Branch Office at Birhana Road, Kanpur.
2. Uday Jayant Desai, Director, M/s FIL, R/o Azad Nagar, Kanpur.
3. Sujay Uday Desai, Director, M/s FIL, R/o Azad Nagar, Kanpur.
4. Sunil Lalchand Verma, Director, M/s FIL, R/o Azad Nagar, Kanpur
5. Anoop Kumar Baldevraj Wadhera, Director, M/s FIL, R/o, Sarvapriya Vihar, New Delhi.
6. Nipun Sunil Verma, Guarantor, R/o Khar, Mumbai.
7. Nilima Uday Desai, Guarantor, R/o Azad Nagar, Kanpur.
8. Rita Sunil Verma, Guarantor, R/o Azad Nagar, Kanpur
9. Poonam Anoop Kumar Wadhera, Guarantor, R/o Sarva Priya Vihar, New Delhi.
10. Saral Sunil Verma, Guarantor, R/o New Friends Colony, New Delhi.
11. . Sanjana Uday Desai, Guarantor, R/o, Kala Nagar, Bandra East, Mumbai
12. M/s R S Builders Pvt. Ltd. (Corporate Guarantor), Birhana Road, Kanpur-208001, U
13. M/s Globiz Exim Pvt. Ltd. (Corporate Guarantor), Birhana Road, Kanpur.
14. M/s NSD NirmanPvt Ltd (Corporate Guarantor), Birhana Road, Kanpur.
15. Unknown Bank officials and others.