CBI books Fedderes Electric and Engineering Limited, its promoters in bank fraud case – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/india/cbi-books-fedderes-electric-and-engineering-limited-its-promoters-in-bank-fraud-case/articleshow/84477906.cmsSynopsis

The agency has alleged that the company produced fabricated account books, misrepresented figures to borrow funds and siphoned off various loan proceeds. The allegations were based on forensic audit report, the spokesperson said.

The CBI has registered an FIR against Fedderes Electric and Engineering Limited and its promoters for allegedly cheating an SBI-led consortium of banks to the tune of Rs 1,028.94 crore, officials said Friday. The central probe agency conducted a search operation on Friday at seven locations in Delhi, Noida, Gurgaon and Bulandshahr.

“It has been alleged in the complaint that the accused including private company & its Directors had cheated the banks by way of diversion of funds and sham transactions with related parties,” a CBI spokesperson said.

The agency has alleged that the company produced fabricated account books, misrepresented figures to borrow funds and siphoned off various loan proceeds.

The allegations were based on forensic audit report, the spokesperson said.

Along with the company, the CBI has also booked its promoters Akhtar Aziz Siddiqi, Sham Sundar Dhawan, Bindu Dogara, Ritushri Sharma, Arun Kumar Joshi and Randhir Jain.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s