New Delhi: The Central Bureau of Investigation (CBI) has registered a case of Rs 4957 crore bank loan fraud against Pratibha Industries, its directors and others and is conducting raids in Mumbai and Thane. As per information, a complaint was lodged on September 12, 2022 by Sanjay Kumar Tiwari, Deputy General Manager, Stressed Asset Management Branch, Bank of Baroda, Mumbai against Pratibha Industries Limited, its directors Ajit Bhagwan Kulkarni, Ravi Kulkarni, Sunanda Datta Kulkarni . , Sharad Prabhakar Deshpande and others on account of wrongful loss of Rs.4957.31 crore (Rs.4735.67 crore as per complaint made by Bank of Baroda and Rs.221.64 crore as per mandate dated 13.09.2022 by SBI) – One of the Consortium Member Bank) to a consortium of banks led by Bank of Baroda.
On receipt of the complaint, CBI registered a case u/s 120-B, 420 IPC and 13(2) read with 13(1)(d) of the PC Act and constituted a team to investigate the matter. The account of Pratibha Industries was classified as NPA as on December 31, 2017. Subsequently, the accounts were also declared as fraudulent by the members of the consortium banks. ,ALSO READ: Retail inflation eases from 5.88% in November to 5.72% in December: Government data,
Pratibha Industries was into development of infrastructure projects, including designing, engineering and execution, construction of complexes, integrated water transmission, distribution projects, water treatment plants, mass housing projects, precast design and construction, road construction and urban infrastructure etc. ,Also read: Microsoft employees get ‘unlimited time off’ in this country; see more details here,
“The accused had advanced large amounts of money to related parties and subsidiaries of the borrower company and subsequently, these advances were written-off by the company. The company had entered into fictitious sale and purchase transactions to enhance its business. did.
Further, in order to avail credit facilities from the lending banks, the work-in-progress was allegedly inflated and a huge amount of vendor liability was adjusted directly against the customer account without any supporting documents CBI said.
On Thursday, the CBI raided 14 premises belonging to the accused and bank officials, in which several incriminating documents and articles were recovered.