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CBI alleged that the accused had cheated the consortium of 13 banks, led by State Bank of India, causing fraud of ₹2,435 crore
The Central Bureau of Investigation (CBI) on Wednesday filed a charge sheet against CG Power & Industrial Solutions Ltd and its former promoter, Gautam Thapar, in ₹2,435 crore bank fraud case.
CBI spokesperson RC Joshi said that the agency filed a charge sheet before the Special CBI Court here against Mumbai-based CG Power and others, including its then-promoter Thapar and others.
On June 22, last year, the CBI filed a case against the private company and others, including its promoter, CEO, MD, ED, and CFO, as well as two independent directors, the CFO, and unknown public servants and others.
In the FIR, it was alleged that the accused had cheated the consortium of 13 banks, led by the State Bank of India, causing fraud of ₹2,435 crores.
In the FIR, it was also alleged that huge amounts of bank loans were diverted by the accused to its related parties, and subsequently, adjustment entries were made.
It was also alleged that the accused had availed loans against the same securities without disclosing finance taken from other banks and also borrowed funds from the bank by misrepresenting and falsifying books of account, entries, and vouchers.
The company was in the business of manufacturing electrical equipment, the FIR said.
In September of last year, the CBI filed a charge sheet against former Yes Bank CEO and Managing Director Rana Kapoor, as well as Avantha Group promoter Thapar, in the 466.51 crore bank fraud.The CBI registered a case of bank fraud in June 2021.
