Delhi-based company booked for bank fraud worth ₹1,528 crore

By Devesh K. Pandey

The Central Bureau of Investigation (CBI) has booked Delhi-based Indian Technomach Co. Limited and others for allegedly cheating a consortium of 16 banks to the tune of ₹1,528.05 crore.

"On Wednesday, searches were conducted on the premises of the accused persons at Kangra and Paonta Sahib in Himachal Pradesh," a CBI official said.

Among the accused are the company's promoter Rakesh Kumar Sharma, director Vinay Kumar Sharma, and two Kolkata-based firms named Gurupath Merchandise Limited and Thunder Traders Limited, which were corporate guarantors.

Indian Technomach, which is into the manufacturing of ferrous and non-ferrous metals, has its industrial unit in Himachal Pradesh. It had taken various credit facilities from the consortium led by the Bank of India, during 2008-13.

The accused diverted the funds from the loan account, which was classified as a non-performing asset by the Bank of India on March 31, 2014. The account was declared a fraud in February 2016.

What is inkl?

Important stories

See news based on value, not advertising potential. Get the latest news from around the world.

Trusted newsrooms

We bring you reliable news from the world’s most experienced journalists in the most trusted newsrooms.

Ad-free reading

Read without interruptions, distractions or intrusions of privacy.