The CBI has booked infrastructure major ARSS Infrastructure Private Limited for allegedly cheating Central Bank of India of nearly Rs 62.41 crore in 2011, officials said.
On a complaint from the bank, the agency lodged an FIR against Sunil Agarwal, Soumendra Keshari Pattnaik, Shiv Kumar Singla, all directors of ARSS Damoh Hirapur Tolls Pvt Ltd, Subhash Agarwal, chairman of ARSS infrastructure projects limited and companies ARSS infrastructure projects limited and ARSS Damoh Hirapur Tolls Pvt Ltd.
Sudarshan Raj, the then branch manager of Central Bank of India, Janpath branch in Bhubaneswar has also been booked.
"...a contract work for construction of two lanes of State Highway-37 for a distance of 69.9 km between Damoh and Hirapur in Madhya Pradesh was awarded to ARSS Infrastructure Projects Limited by Madhya Pradesh Road Development Corporation Ltd on built, operate and transfer basis," the FIR alleged.
The bank had sanctioned a term loan of Rs 87 crore to ADHTPL for the said constructions work.
"The term loan was secured, inter alia, by personal guarantee of Subhash Agarwal, chairman of AIPL and Sunil Agarwal, Director ADHTPL...," it alleged.
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A total sum of Rs 62.55 crore was disbursed by the said bank during the period from October 27, 2011 to May 2, 2013 for the purpose.
"However, even after disbursement of Rs 62.55 crore neither ADHTPL nor AIPL took any steps to execute the works as per targets given by MPRDCL. As the borrower company failed to achieve the milestones set out by MPRDCL, after giving due notice, MPRDCL terminated the concession agreement," it alleged.
The bank alleged that since the project was terminated, the funds should have been returned to it but they were diverted by the company.
"...the malafide intention of the accused persons is evident from the fact that on termination of contract they should have sold the equipment and machinery purchased out of loan amount and should have deposited the sale proceeds in the loan account, as the same were hypothecated to the bank.," it alleged.
"On the contrary, they removed the equipment and the machinery from the project site and shifted to unknown places without any intimation to the bank," the FIR alleged.