The agency found that the funds from the banks were allegedly diverted through 132 shell companies of the group.
The Abhijeet Group was setting up an 1100 MW coal-based power plant, Corporate Power, in Jharkhand, but could not complete it and also failed to service its loans.
In a conference call, after announcing December quarter results, the management said that nearly 24 percent of the order backlog is now "non-moving"
ITC | ICICI Bank | Coal India | Cairn India | Hindustan Zinc | Power Grid | Infosys | SKS Microfinance | Deccan Chronicle | Unichem Labs | Idea Cellular | Biocon | Tata Sponge Iron | Atul | Essar Shipping | JK Tyre | Thomas Cook | Monsanto India and Rane Engine are stocks, which are in the news today.