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.
A forensic audit of the loan account allegedly revealed irregularities, cheating, fraud and misappropriation of funds, stock reduction, diversion of funds and criminal conspiracy.
As it turned out, the company had entered into an agreement with Power 2 SME Private Limited in July 2017 in order divert funds by handing over the entire operation of its plant to repay the dues payable to the latter. “It appears that the liability of Rs.37 crore was financial transaction without the knowledge/prior permission of the lending banks,” said the First Information Report.
