The company allegedly submitted false stock statements to the lead bank treating “receivables more than 180 days” (non-current assets) as ‘less than 180 days (current assets) to get more drawing power in the cash credit accounts.CBI sources alleged that DPIl extensively utilised cash credit limits for obtaining a large number of letters of credit, and many of them could not be honoured by the company and were thus “forced Changes” on the credit limits.Among the consortium, Bank of India’s exposure to the company is Rs 670.51 crore, Bank of Baroda’s exposure is Rs 348.99 and that of ICICI bank is Rs 279 core, the CBI FIR said.
AHMEDABAD/VADODARA:The Central Bureau of Investigation (CBI) has obtained nonbailable warrants against Diamond Power Infrastructure Ltd (DPIL) promoters SN Bhatnagar and his sons Amit and Sumit DPIL is accused of cheating a consortium of banks to the tune of Rs 2,654 crore and the CBI had lodged a complaint against founder Suresh Bhatnagar , managing director Amit Bhatnagar and joint managing director Sumit Bhatnagar last week.Top sources in the agency said they have obtained the warrants against the three after their anticipatory bail was rejected by the special CBI court in Ahmedabad.CBI had registered an FIR against DPIL after searches conducted by IT department on April 10 revealed that its promoters had allegedly obtained loans by showing a huge turnover through bogus intra-group transactions of Rs 550 crore, said a senior CBI officer.“Out of the total turnover of Rs 600 crore of two group companies in 2017-18, Rs 550 crore was through alleged bogus transactionsm” said the officer.According to CBI sources, DPIL fraudulently availed credit facilities from a consortium of 11 banks (both public and private) from 2008, leading to outstanding debt of Rs 2,654 crore as of June 29, 2016.
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