Bhubaneswar: The Central Bureau of Investigation (CBI) has registered a case against Bhushan Power & Steel Limited, it’s Directors and unknown public servants and private persons in a bank fraud case of Rs. 2,348 crore.
The central agency on Saturday conducted raids at various locations including Delhi-NCR, Chandigarh, Kolkata and at Dhenkanal in Odisha at the office as well as residential premises of the company.
It has been alleged that Bhushan Power & Steels through its directors and staff, fraudulently diverted Rs. 2348 crore (approx.) from the loan account of Punjab National Bank (IFB New Delhi & IFB Chandigarh); Oriental Bank of Commerce (Kolkata); IDBI Bank (Kolkata) and UCO Bank (IFB Kolkata) into the accounts of various companies / shell companies without any obvious purpose and thereby misused the funds.
It was further alleged that the said company availed various Loan facilities from 33 banks/financial institutions during the year 2007 to 2014 to the tune of Rs. 47,204 crore (approx.) and defaulted on repayments. Subsequently, PNB declared the account as NPA followed by other banks and financial institutions.
As per the FIR, it is also alleged that the accused entered into a criminal conspiracy among themselves and with unknown public servants of banks & others to cheat Banks/ Financial Institutions/ Govt. exchequer.
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Ms Kalinga