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The Hindu
The Hindu
National
The Hindu Bureau

CBI registers ₹1,017-crore bank fraud case against Loha Ispaat, others

CBI Canara Bank Indian Overseas Bank Punjab National Bank

The Central Bureau of Investigation (CBI) has registered a case against Loha Ispaat Limited, its chairman-cum-managing director Rajesh Gaurishankar Poddar and others for allegedly cheating a consortium of five banks to the tune of ₹1,017.93 crore.

Among those named as accused in the First Information Report (FIR) are directors Rajesh Mohanlal Agarwal, Sanjay Bansal, Anju Poddar and Manish Omprakash Garg, Loha Investments Pvt. Limited

The company had taken credit facilities amounting to ₹812.07 crore from the consortium involving the Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank and the Bank of Maharashtra. The accused persons showed fictitious sales/purchase transactions, fudged the accounts and siphoned off the funds, resulting in non-payment of outstanding loans to the extent of ₹1,017.93 crore.

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