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CBI files charge sheet against 16 in financial scam case

The CBI said it had registered a case on April 29, 2019, on the orders of the centre government and took over the investigation against the accused, including a private company based at Hyderabad and others.

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New Delhi: The Central Bureau of Investigation (CBI) on Friday filed a charge sheet against 16 people, including a private company, its directors, sister companies, managing director and Chartered Accountants in the CBI court in Delhi.

The CBI said it had registered a case on April 29, 2019, on the orders of the centre government and took over the investigation against the accused, including a private company based at Hyderabad and others.

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Investigation revealed that the borrower company through its chairman, managing director had allegedly availed Rs 947.71 crores from a consortium of lenders led by Power Finance Corporation Limited (PFC), and two other lenders, Rural Electrification Corporation Limited (REC) and India Infrastructure Finance Company Limited (IIFCL), for setting up a thermal power plant at Tuticorin, Tamil Nadu, said CBI.

The borrower company neither completed the alleged project nor complied with the terms and conditions of loan agreements. The accused, including the borrower, allegedly transferred the project funds to create fixed deposits with Bank of India and UCO Bank and to pay advances to contractors. Subsequently, the accused allegedly availed loans against these fixed deposits and advances paid to Contractor for the group companies and later due to non-repayment of loan amount, the FDs were adjusted against the loan accounts, leading to loss to the lenders, said CBI. 

It was also alleged that the borrower company in collusion with other accused illegally used and siphoned off the funds disbursed for setting up thermal power projects. Thus, the accused allegedly cheated the complainants, lenders and caused a loss of Rs 947.71 crores to them.

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