The Central Bureau of Investigation (CBI) has arrested the chairman-cum-managing director of Tirupati Infraprojects Private Limited for allegedly cheating a consortium of banks to the tune of ₹289.15 crore.
The accused has been identified as Jag Mohan Garg. The agency produced him before a special court that sent him to the CBI custody till July 13.
The case was registered on May 25 last year following the allegation that the company, its directors and their associates cheated the consortium of the Bank of India, the Union Bank of India, the Canara Bank, the Bank of Baroda and the UCO Bank.
According to the CBI, the accused had taken a term loan of ₹300 crore from 2009 to 2014 for construction of a hotel in Delhi’s Paschim Vihar and commercial spaces. They had sold several commercial, retail and office spaces of the building to various parties without intimating the lender banks. The funds received from the buyers were allegedly diverted and siphoned off.
After registering the case, the agency had conducted searches on the premises of those involved and examined several witnesses and the company’s functionaries.
In another development, the CBI has registered a case against Parth Foils Private Limited, its director Partho Bijoy Dutta and unknown public/private persons. They have been accused of cheating the State Bank of India to the tune of ₹80.73 crore based on manipulated stocks-book debts statements, financial statements with inflated figures/over-stated sales, income and profit. The entire loan amount was allegedly diverted.
“Searches were conducted at several places in Mumbai, Ghaziabad and Baddi in Himachal Pradesh’s Solan,” said a CBI official.
