The Central Bureau of Investigation has booked Apple Natural Resources Private Limited and others for allegedly causing a loss of ₹196 crore to the State Bank of India (SBI).
Among those named in the case the then company's chief executive officer, Ashish Garg and directors, Ankit Garg and Nischal Jain, besides unknown public servants and persons. The case has been registered on the basis of a complaint lodged by the bank in June.
According to the bank, the fraud came to light during a forensic audit of the transactions from April 2011 to March 2014. The report was submitted in 2019, which highlighted a series of alleged irregularities. Subsequently, the authorities concerned declared the account a fraud.
The company, incorporated in June 2010, was engaged in trading of iron ore through three mines at Kadapa in Andhra Pradesh in the name of its associates, said the complaint.
The SBI initially sanctioned a loan of ₹50 crore to the company under the export packing credit/cash credit in June 2011. Thereafter, credit facilities were enhanced to Rs.70 crore in September 2012 and then to ₹100 crore in December 2012. Owing to alleged non-repayment,
the account turned non-performing asset the next year.
The forensic audit revealed alleged diversion of funds and transactions of substantial amounts with related parties in violation of arm's length policy, said the bank.
