The Central Bureau of Investigation (CBI) has booked two Delhi-based companies and their top functionaries in separate cases involving bank loans of over ₹50 crore.
In the first case registered on a complaint from the State Bank of India (SBI), the agency has named Gee Cee Corporation Private Limited, Madan Mohan Mittal, his son Guaurav and Akhil Mittal, daughter Rekha, and Gee Cee Metals Private Limited, as the accused persons. Bank officials are also under the scanner.
According to the bank, the fraud came to light during an inquiry following which a report was submitted in September 2019. It recommended that the account be treated as fraud.
As it turned out, the accused company had taken loan from Kotak Mahindra Bank, but this was not disclosed in the financial statements submitted to the SBI will applying for credit facilities. The other bank later issued an advertisement for disposal of a property, which had also been mortgaged to the SBI.
The company had not submitted the information related to the loans received from Kotak Mahindra Bank to the Registrar of Companies. It maintained a current account with another bank without the permission of the lender. The accused also diverted funds, it is alleged. The current outstanding in the case stands at ₹21.85 crore.
The second FIR is against Marketing Times Automobile Private Limited, Deepak Kapoor, wife Vandana, Dharambir Kapoor, statutory auditor Alok Mathur and others. They have been accused of cheating the Central Bank of India of ₹31.60 crore from 2010 to 2014.
The company failed to repay the loans, following which the account was declared a non-performing asset in June 2014. It is alleged that company had opened current accounts with several other banks without informing the lender. Allegations of fund diversion and large cash withdrawals have also been made.
