The CBI has registered a case against Delhi-based Sunstar Overseas Limited and others for allegedly cheating the Punjab National Bank of over ₹56 crore.
According to the FIR, the company had taken credit facilities from a consortium of nine banks and had an outstanding of ₹951.88 crore in 2017. Apart from Sunstar Overseas, 10 individuals have been named as accused.
The loan account with the PNB was declared fraud and reported to the RBI in July, 2019. A forensic audit revealed that the company had allegedly diverted ₹18.81 crore to one Greatwall Construction & Developers Private Limited that invested the funds in the real estate.
It is alleged that the borrower sold its assets without approval from the lenders. The company operated accounts outside the consortium and also took loans without its knowledge. The audit found that the stocks were removed or disposed of without depositing the sales proceeds in the accounts with lenders.
During the check period, the company had recorded sales aggregating to ₹1,907 crore. The outstanding receivables were ₹329 crore from 208 debtors. The auditors could not locate three of the major debtors as their offices were not found at the given addresses.
It is alleged that the value of inventory was also reduced from ₹444.15 crore in 2016-17 to just ₹2.61 crore in July 2018.
