The CBI on Thursday carried out searches at 19 premises in Delhi-NCR and Bengaluru after registering an FIR against two firms of Faridabad-based SRS Group of Companies and its directors for allegedly defrauding Canara Bank to the tune of Rs 135 crore, officials said.
Besides SRS Real infrastructure and SRS Real Estate Ltd which are into development of malls, commercial spaces etc, the agency has also booked the company's group chairman Anil Jindal and directors Rajesh Singla, Nanak Chand Tayal, Bishan Bansal, Vinod Jindal and Jitender Kumar, they said.
"It was alleged that the said borrower group of companies had availed term loans from the bank. It was further alleged that the borrower defrauded the bank and diverted the funds by not routing the proceeds of sale/booking of the flats through accounts maintained with the bank," CBI spokesperson R K Gaur said here.
The searches were conducted at the premises of the company and its directors in Delhi, Faridabad and Bengaluru, they said.
The agency acted on a complaint from Canara Bank which had done a forensic audit of the companies' accounts showing massive diversion of fund, with over Rs 89 crore of funds parked in the Republic of Congo.
"There were massive diversion of funds, and unkept promises, the company and promoters dragged into courts, besides investigation by Economic Offence wing, etc," the bank alleged in its complaint which is now part of the FIR.
"The group appears to have not only not paid the banks, but also a slew of operational and financial creditors, as well as many home buyers who have reportedly paid large sums to the developers which have been diverted by the promoters to various other ventures in India and abroad," it said.
The FIR said that the balance with scheduled banks in current account of SRS Real Infrastructure zoomed to Rs 95.23 crores by March 31, 2017, from mere Rs.5.64 crores the previous year.
"The net increase in the current account balance in the bank is Rs 89.51 crores, out of which Rs 89.50 crores is only due to amount received and “held for specific project to be executed in the Republic of Congo (Central Africa). To this extent, there is a diversion of funds," it said.
Both the companies, booked by the CBI, are of SRS group of Companies with same promoters and thereafter common guarantors in both the accounts, the bank alleged.
Their accounts were classified as NPA on June 6, 2016.
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