A promoter of a private company was arrested by the Economic Offences Wing of the Delhi Police for allegedly duping a consortium of banks to the tune of more than 35 crore rupees.
The accused identified as Parvesh Khurania was arrested yesterday from Karnal, Haryana as he is not just the promoter and Managing Director of the company but also authorised signatory of its bank accounts.
The fraud came to light when one Abhay Aggarwal, Deputy General Manager, State Bank of Hyderabad, Karol Bagh reported to police that M/s Sheetal Riceland Ltd, Peoda Road, Katihal was enjoying working capital limits and a term loan from a consortium consisting of State Bank of Hyderabad, Nehru Place, State Bank of Travancore, Parliament Street and State Bank of Patiala, Manesar, Gurgaon Branch.
The consortium had extended a total of Rs 32 crore of Cash credit and Rs 3.6 crore of Term Loan to the company in the year 2011.
"When the company stopped routing the transactions from the consortium of banks, they enquired and found that the major portion of the machinery was removed from the factory and there was also no stock in the godown and factory premises.
"The accused allegedly closed the factory and ran away. The promoters/Directors have sold the machinery and stocks without the permission of the banks and misappropriated the sale proceed," said Deputy Commissioner of Police (EOW) Mangesh Kashyap.
During the course of investigation it was revealed that funds of Rs five crore was diverted into the account of M/s Khanoori Foods, Sangroor, Punjab and the money was siphoned off.
The modus operandi of the accused was to take loan facility from the consortium of banks and eventually avail the cash credit facility. The said cash credit facility was diverted to different accounts and money was routed and re-routed in various bank accounts.
In this manner the money was eventually siphoned off in the form of cash withdrawals. The consortium of banks suffered wrongful loss to the tune of Rs.35.60 crore, he added.
