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CBI files case against Vadodara firm for Rs 2,654 cr fraud
New Delhi, April 5 (IANS) The CBI on Thursday said it has filed a case against Vadodara-based Diamond Power Infrastructure Ltd (DPIL) and its directors for defrauding a consortium of 11 banks of Rs 2,654.40 crore.
Apart from DPIL, the Central Bureau of Investigation (CBI) FIR filed on March 26 includes names of firm’s founder Suresh Narain Bhatnagar and his sons Amit Suresh and Sumit Suresh.
The FIR also mentions some unidentified public servants.
The CBI has reportedly conducted searches at the corporate office, two factory premises and at the residences of the directors of the firm.
DPIL, which is engaged in the production of cables and other electrical equipment, through its management has fraudulently availed credit facilities from a consortium of 11 banks since 2008, leaving behind a total outstanding debit of Rs 2,654.40 crore as of June 29, 2016, according to the FIR.
The company managed to get term loans and credit facilities, in spite of the fact that they were already appearing in the Reserve Bank of India (RBI)’s list of defaulters and the caution list of Export Credit Guarantee Corporation of India (ECGCI) at the time of initial sanction of credit limits by the consortium, it said.
At the time of consortium’s formation in 2008, Axis Bank was the lead bank for the term loan and the Bank of India was the lead bank for cash credit (CC) limits.
Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59) and IFCI (58.53 crore).
The company, allegedly with support of officials from various banks, managed to obtain enhancement in credit facilities. During 2011, DPIL had projected turnover of Rs 2,197.60 crore for the year 2012 whereas the actual turnover was Rs 1,267.60 crore only for the year 2011, the FIR said.
“DPIL got credit facilities enhanced from Rs 285 crore to Rs 480 crore.”
Next year, against the estimates of Rs 2,197.60 crore, DPIL actually achieved a turnover of Rs 1,740.38 crore as on March 31, 2012, which was Rs 457.22 crore less from the projected turnover figure, despite the fact that the CC limit was fully availed by the company, said the FIR.
As per the FIR, Bank of India officials, while conducting the credit review, did not decrease the cash credit limit and kept it unchanged at Rs 480 crore even though such figures were based on grossly exaggerated sales figures.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.