Summary:
On Wednesday, the CBI registered a case of cheating and criminal conspiracy against the firm and its directors under the Indian Penal Code. According to inquiries so far, the firm has an outstanding debt of ?2,545 crore, which was borrowed from various banks and financial institutions. CBI officials said at least six other banks have already registered similar complaints with either the CBI or the Mumbai EOW. After several reminders, the bank even extended a Corporate Debt Restructuring option to the firm, despite which the firm failed to clear its outstanding dues,” the officer said. According to CBI officials, EXIM Bank submitted a letter on Tuesday, seeking criminal action against Parekh Alumninex and its directors over non-payment of dues to the tune of ?80.93 crore and fraudulent tactics regarding the loan transaction..