The Central Bureau of Investigation (CBI) has booked Mumbai-based Unity Infraprojects Ltd, its then CMD Kishore Krishnarao Avarsekar and others for allegedly defrauding a consortium of banks to the tune of Rs 3,847.58 crore, officials said on Monday.
The CBI took action on a complaint of the SBI, one of the consortium members which alleged that the fraud took place at its Commercial Branch in Mumbai where the accused persons siphoned the "Bank's funds by doing fictitious transactions, manipulated and fudged books of accounts with an objective to defraud and cheat the bank and to gain unlawfully at the cost of the Banks' funds".
The account of the 44-year old infrastructure company, which had taken Rs 3,800 crore from 23 lenders against moveable and non-moveable assets besides personal and corporate guarantees, had become a non performing asset on June 24, 2014. Five years later it was declared a fraud after forensic audit pointed irregularities.
The bank alleged that the fraud came to light in a forensic audit conducted by BDO India LLP, which submitted its report on September 25, 2019.
The report found fictitious transactions, improper adjustment entries passed to accommodate fictitious accounting entries to defraud the bank by fudging the data, diversion of funds through non-consortium accounts among others.
It also cited unexplained excess pay-outs with intentions to siphon off bank funds and related party transactions to divert borrowed fund.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
"War Can End Tomorrow If...": Netanyahu's Message After Killing Of Hamas Chief Yahya Sinwar
Avoid Seeking Appreciation On Social Media: CBI Director Tells New Officers Enough Evidence To Prosecute Coaching Centre Deaths Accused: CBI To Court CBI Arrests 2 Delhi Police Officers For Allegedly Taking Rs 10 Lakh Bribe MK Stalin Asks Centre To Recall Tamil Nadu Governor In Row Over Anthem Drone Footage Of Hamas Chief Yahya Sinwar's Last Moments Released By Israel Tamil Nadu Police's Counter Petition In Supreme Court Against Sadhguru Trump Says He Would Impose Tariffs On China If It Went Into Taiwan Vistara's Delhi-London Flight Diverted To Frankfurt After Bomb Threat Harris, Trump Barnstorm Key State Michigan, Where Polls Say They're Tied Track Latest News Live on NDTV.com and get news updates from India and around the world.