The Central Bureau of Investigation has registered a case against an Odisha-based company and six others for allegedly cheating the Punjab National Bank and the Indian Bank of about ₹140.48 crore. The agency conducted searches on the premises of the accused persons in Cuttack and Dehradun.
Among the accused are S.R. Alcobev Private Limited, which is into brewery business; its managing director Ranjan Kumar Padhi; director Saina Kar; Kolkata-based corporate guarantors Naina Devi Suppliers Private Limited and Chandraghanta Iron & Steel Traders Private Limited; Brewforce Technologies (supplier) from Delhi/Dehradun; and civil contractor Sukanta Kumar Lenka.
The bank officials involved in the sanction and disbursal of the loans are also under the scanner, according to the agency.
It is alleged that the company got credit facilities during 2013 for setting up a brewery unit. After disbursal of the loan proceeds, the borrowers and guarantors allegedly violated the terms and conditions of the sanction. They neither procured the machineries nor deposited the instalments in time. Therefore, the account turned Non-Performing Asset.
During an inquiry, the banks found that although 75% of the disbursed amount was paid to the supplier, Breforce Technologies, all the machinery was never delivered and installed. As alleged, the company directors misappropriated the loan funds and diverted them.
The First Information Report alleges that the proprietor of Breforce Technologies is also a director of one company named Wings Hospitality Private Limited, of which Mr. Padhi is a director.
