CG Power financial fraud: A tale of 4 entities, 2 deals & high-value loans

CG Power has informed the exchanges of a Risk and Audit Committee report, which detailed multiple dubious transactions at the company

The forensic team that CG Power and Industrial Solutions (CG Power) plans to appoint will have to wade through a maze of dubious transactions. 

At the centre of these transactions are a handful of companies, two real estate deals and multiple high-value loans and advances.
 

CG Power had on Tuesday informed the exchanges of a Risk and Audit Committee (RAC) report which detailed multiple dubious transactions at the company. The report indicated it to be an employee-led fraud.

The report refers several times to four companies, of which two are related to the Gautam Thapar’s Avantha group — Avantha Holdings