Cracking its whip versus financial institution defaulters, the CBI on Thursday carried out lookups at the premises of Bulandshahr-based mostly Santosh Overseas Limited and its director Sunil Mittal in link with an alleged fraud of above Rs 424 crore.
CBI officials in this article said that it carried out queries in Uttar Pradesh’s Bulandshahr and Delhi.
The CBI booked the corporation and Mittal in relationship with a complaint from a consortium of 7 financial institutions led by the IDBI, alleging that they ended up defrauded to the tune of Rs 424.07 crore.
A CBI spokesperson said that it was alleged that the borrower firm experienced availed packing credit score from the banking companies on a faux acquire get from an affiliate problem.
“It was even further alleged that the company was retaining current accounts with non-consortium financial institutions and the sale proceeds ended up routed by way of these accounts without having the awareness of consortium users,” the spokesperson mentioned.
The CBI has alleged that significant transactions ended up manufactured by the company with linked get-togethers who did not have TIN registration etc.
Searches at the premises of the accused at Delhi and Bulandshahr led to the recovery of particular incriminating documents and material, the official additional.
(With inputs from IANS)