Visa Power

The CBI has registered an FIR against Visa Power and its then chairman Vishambhar Saran in connection with an alleged bank fraud of Rs 1,964 crore, officials said Thursday. The action of the agency was initiated on a complaint from Punjab National Bank, one of the members of a consortium of 14 lenders which have sanctioned term loans of Rs 1,964 crore. PNB was the lead bank of the consortium and sanctioned loan of Rs 394 crore. The bank has alleged that the company and accused officials -- Saran and directors Vikas Agarwal and Subrato Trivedi, both named in the FIR as accused -- had approached the bank seeking loans for developing coal-based thermal power project with a generation capacity of 1,200 MW in Raigarh in Chhattisgarh, they said. "It has transpired that the accused persons in connivance and in furtherance of criminal conspiracy with each other have caused wrongful gain to themselves and wrongful loss to the banks to the tune of Rs 1,964 crore apart from interest dues from

The team handling the resolution of Visa Power, however, has expressed concern that the sale of the company will not generate enough revenue to pay the pending dues of contractors