The CBI has booked Delhi-based Allied Strips Limited and 11 others for allegedly cheating a consortium of banks to the tune of ₹1,392.86 crore.
Among the accused persons are the company directors, Mohinder Agrawal, Gaurav Agarwal and Sunita Agarwal. The case was registered on a complaint from Canara Bank, which led the consortium of five banks that extended credit facilities to the company.
The company started delaying payments of interest and instalments in November 2012. On the company’s request, the lenders restructured the loans in December 2013. However, the account later turned a non-performing asset.
