CBI raids 14 locations in relation to Rs 5717-Cr fraud by SKS power generation
- In Reports
- 01:59 PM, Jun 15, 2024
- Myind Staff
The Central Bureau of Investigation conducted searches at 14 locations on Friday following the registration of an FIR related to an alleged bank fraud amounting to Rs 5,717 crore by Chhattisgarh-based SKS Power Generation Ltd. Officials confirmed that the FIR was filed on the directives of the Allahabad High Court.
According to the CBI, the company, promoted by SKS Ispat and Power Ltd. (SKSIPL), had obtained loans totalling Rs 6,170 crore from State Bank of India (SBI), L&T Infrastructure Finance Limited, PTC India Finance Limited, and State Bank of Bikaner and Jaipur. The loans allegedly led to a default amounting to Rs 5,717 crore.
The investigation is focused on uncovering the circumstances under which the loans were obtained and how they contributed to the financial irregularities leading to the substantial default. Authorities are examining documents and conducting searches to gather evidence pertinent to the alleged fraud.
CBI has filed a case against Anil Mahabir Gupta, Director of SKS Power Generation (Chhattisgarh) Ltd, Anish Anil Gupta, Director of SKS Ispat and Power Limited in Mumbai, and 26 others, including two officers from the State Bank of India. The FIR alleges their involvement in a bank fraud case amounting to Rs 5,717 crore.
According to the FIR, financial institutions conducted an auction of the defaulted loan, settling it at Rs 2,000 crore in favour of Entwickeln India Energy Private Limited. It was discovered that Entwickeln India Energy Private Limited shared the same registered address as SKS Power Generation Ltd, suggesting unauthorised activities, officials stated.
The FIR further accuses the accused of engaging in a criminal conspiracy to divert and cycle bank funds through fictitious share transactions using shell companies, with the intent to unlawfully enrich themselves. A substantial portion of the loan amount was allegedly routed to British Virgin Islands and British Overseas Territories of Bermuda via fraudulent companies.
The CBI conducted searches across Mumbai, Kolkata, Raipur, Bhubaneswar, and Trichy, resulting in the seizure of significant incriminating documents and materials. The investigation is ongoing to ascertain the full extent of the alleged fraud and identify all parties involved.
Image source: The Economic Times
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