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CBI FILES THREE CHARGESHEETS IN.665 CRORES CHEATING CASES

December 23, 2017 05:58 PM

Chennai (Face2News)

The Central Bureau of Investigation has filed three chargesheets in the Court of Additional Chief Metropolitan Magistrate, Chennai against the then Chaiman and Managing Director of a private leasing company and others for offences punishable U/S.120-B of IPC r/w. S.s 201, 409, 420, 468, 471 & 477-A of IPC. Three banks were allegedly cheated by the accused to the tune of Rs.665 crore. 

It was alleged that the Directors/Promoters/Managing Director and key officials of (FLCIL) in furtherance of a criminal conspiracy with the statutory and internal auditors of the company and unknown others with malafide intentions to cheat the IDBI bank had availed of various credit facilities from IDBI Bank on the basis of forged financial reports and siphoned away the same for various extraneous/ personal purposes and thereby caused wrongful loss of Rs.273.99 crore(approx) to the bank.

Similarly, the accused had availed of various credit facilities from UCO Bank in the form of Working Capital limit and Short Term Loans in the name of private leasing company based at Chennai by furnishing false and fabricated financial statements and siphoned away the same for various extraneous/ personal purposes and thereby caused wrongful loss of Rs.142.94 crore to the bank.

The accused also had availed of various credit facilities from SBI Bank in the name of private company based at Chennai by furnishing the inflated income and assets in the financial statements by creating unsubstantiated entries in the books of accounts since 1998 and siphoned away the same for various extraneous/ personal purposes and thereby caused wrongful loss of Rs. 248.46 crore(approx) to the bank. 

Investigation conducted by CBI has disclosed that accused along with 7 satellite/ shell companies in furtherance of a criminal conspiracy with statutory and internal auditors had cheated the banks by submitting forged financial statements to obtain undue credit limits and siphoned the same away for extraneous uses whilst causing wrongful loss of Rs.665 crores  to the banks. Investigation has also disclosed that the Promoter-Directors had misappropriated the assets of the company entrusted to them by using such loaned money to donate annually to a Trust run by the main accused.

 

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