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The Hindu
The Hindu
National
Devesh K Pandey

CBI books Educomp Solutions, others in ₹360.30-crore bank fraud

CBI ESL

The Central Bureau of Investigation (CBI) has booked Educomp Solutions Limited (ESL) and others for allegedly cheating Jammu & Kashmir Bank of ₹360.30 crore. The agency had earlier booked the related entities in two other bank fraud cases involving over ₹2,761 crore.

In the latest case, among those accused are the then company's managing director Shantanu Prakash; directors Vijay Kumar Choudhary and Vinod Kumar Dondana; guarantor Jagdish Prakash, Edu Smart Services Private Limited (ESSPL); and others. Unknown bank officials are also under the scanner.

The accused persons had approached the bank to get credit facilities for the execution of 1,233 contracts with schools for the installation and implementation of smartclass equipment through ESSPL. The value of each contract was about ₹30 lakh. The bank started extending the loans in December 2011.

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