Case involves defrauding a bank of over ₹50 crore
The Central Bureau of Investigation (CBI) has booked a Delhi-based company and others for allegedly cheating the Indian Overseas Bank of more than ₹50 crore.
According to the case, accused Ram Lal Gupta, Raj Kumar Gupta and Amar Chand Gupta are directors of Gagan Pulses Private Limited, for which credit facilities had been taken from the bank.
However, the accused persons failed to clear the outstanding sums and this resulted in the account being declared a non-performing asset on March 31, 2017. Guarantors of the loans, including J.T. Agro Food Private Limited, have also been named in the First Information Report. Mr. Ram Lal Gupta and Raj Kumar Gupta were directors of J.T. Agro Food Pvt. Ltd.
The bank had earlier had a forensic audit conducted. It revealed that the company had allegedly diverted the funds and routed them through group companies where its directors were involved in various capacities, including as directors and promoters.
The bank also allegedly raised suspicion over the genuineness of the debtors of the accused company as shown on paper, as the debt was reduced from ₹25.08 crore to ₹10.03 crore during 2017-18.