The Central Bureau of Investigation (CBI) has registered a case against a Mumbai-based company, its directors, unknown public servants and private persons for allegedly cheating IDBI Bank to the tune of Rs. 63.10 crore between 2014 and 2016, officials said.
The case was registered based on a complaint lodged by IDBI Bank officials, on the basis of which the central agency booked Topworth Steels and Power Private Limited, its directors Surendra Champalal Lodha, Abhay Narendra Lodha. Ashwin Narendra Lodha, Nitin Golecha and unknown public servants and private persons.
“The accused entered in a conspiracy to cheat IDBI Bank and committed fraud in the various credit facilities availed under consortium of banks namely Letter of Credit/Trade Credit Bank Guarantee (LC/TCBG), bank guarantee as well as cash credit limits,” said a CBI official.
The account was classified as non-performing assets (NPA) due to persistent irregularities, thereby, causing an alleged loss of ₹63.10 crore to the public sector bank, the CBI said in a release.
The agency has conducted searches at nine places, including Mumbai, Nagpur and Chhattisgarh at the house and office premises of the accused which has led to the recovery of incriminating documents, it added.