The Central Bureau of Investigation has booked Chandigarh-based Super Multicolor Printers (P) Limited and its directors among others for allegedly causing a loss of over ₹125 crore to a consortium comprising Punjab National Bank, Canara Bank and ICICI Bank.
Among those named in the FIR are Sunil Guglani, Suman Guglani, Sahil Arora of S.A. Enterprises, Ketul Praveen Chandra Sheth and K.P.S. Enterprises. Super Multicolor Printers is in the business of offset printing.
The company had availed itself of credit facilities to the tune of ₹190.07 crore from the consortium in December 2014. However, it is alleged that it did not repay the loans and the account turned into non-performing asset in December 2015, which caused the banks a loss of ₹125.40 crore plus interest.
A forensic audit revealed that the funds were diverted by the accused for other purposes. The majority of the funds was directed through the current accounts of S.A. Enterprises and K.P.S. Enterprises, which are related to the borrower company. The firms were shown on paper as vendor or supplier.
Huge quantities of raw material, ranging from 145 to 200 metric tonnes, was shown to have been transported. However, there were no transportation-related documents available on record, according to the FIR.
It is alleged that immediately after receiving the funds, the vendors transferred them to the accounts of Shivek Labs Limited, Dunn Foods Private Limited, Super Health Care, Sky Blue Papers and York Polymer, which were all related parties or sister concerns of the accused borrower company.
The Guglanis were also directors in Shivek Labs Limited and Dunn Foods. Mr. Guglani was a proprietor of Super Health Care, as mentioned in the FIR. Most of the sister concerns are under liquidation.
