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Two retired senior officers of the Bank of India arrested in connection with an alleged fraud on a loan. (PTI) The CBI today arrested two retired senior executives of the Bank of India in connection with an alleged fraud of Rp. 2,654 by Diamond Power Infrastructure Ltd.. (DPIL) based in Vadodara. V V Agnihotri and PK Shrivastava, respectively GM and DGM, allegedly granted undue favors to the company by granting credit limits, said the two men.
They said they were arrested today and brought before a special court in Ahmedabad tomorrow. The promoters of the company were arrested in April of this year.
The agency in a FIR had said that the DPIL, which manufactures cables and electrical equipment, was promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, The Directors of the Business Loan, he said, was declared non-performing badet in 2016-17.
"It is alleged that the DPIL, through its management, fraudulently took advantage of credit facilities with a consortium of 11 banks (public and private) since 2008, leaving behind an exceptional debt of Rs 2,654.40 crore as of June 29, 2016, "said the agency while Agnihotri was AGM, Shrivastava was seconded as DGM to the Bank of India's zone office in Vadodara in 2007-08. Agnihotri had retired as DG and Shrivastava as DGM
"Both had shown undue favor in sanctioning the Working Capital Limit to a private company based Vadodara in 2008. It was also alleged that these two officials were responsible. to treat and recommend working capital limits in the amount of Rs. 53.40 crore (approximately) in violation of the bank's guidelines, "said Abhishek Dayal, spokesman for the IWC.
He added that 39, they would also be responsible for the disbursement of the limits without ensuring compliance with the conditions stipulated in the sanction.The company and its directors were able to obtain term loans and credit facilities despite their inclusion on the list of defaulters of the Reserve Bank of India and the Export Credit Guarantee Corporation's warning list at the initial sanction of the consortium
When the consortium was formed in 2008, Axis Bank was the main bank for the term loan and Bank of India was the main bank for credit limits in cash It is alleged that the company, with the active connivance of various officials
According to the CBI, the company allegedly presented false statements of stock to the principal bank, treating the debtors of more than 180 days (long-term badet) as being less than 180 days (current badets). ) to get more drawing power in their credit accounts.
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