Tag: fir

UP police files FIR against SREI promoters, directors

Banking & Finance

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The Uttar Pradesh police has registered a first information report (FIR) against crisis-ridden SREI Group’s promoters and directors of its certain companies for an alleged bank fraud. The FIR was registered at a police station at Kautwali Jaunpur, Uttar Pradesh on the basis of a complaint filed by one Bhupendra Nath.

The Jaunpur police station has now forwarded the matter to the Economic Offences Wing (EOW).

The Jaunpur Police has, in the FIR, named 22 directors and promoters of SREI Group under U/S-420/ 467/ 468/ 471/ 474/ 476/ 323/ 504/ 506/ 511 R/w-120-B of Indian Penal Code.

When contacted, brothers Hemant Kanoria and Sunil Kanoria, former promoters of SREI Infrastructure Finance, said they were not aware of any such FIR.

It maybe recalled that the Reserve Bank of India had, on October 4, superseded the board of SREI Infrastructure Finance Ltd (SIFL) and SREI Equipment Finance Limited, owing to governance concerns and defaults by the the two companies in meeting their various payment obligations. Rajneesh Sharma, Ex- Chief General Manager of Bank of Baroda, was appointed as Administrator of these companies.

FIR COMPLAINT

The FIR has been registered upon the complaint of one Bhupendra Nath who went to Srei-run Jan Suvidha Kendra for some work, and there he was allegedly duped by the employees of Srei. Bhupendra Nath found that many alleged criminal activities were being carried out at the Jan Suvidha Kendra, including bank fraud of more than ₹16,000 crore. He also reported the fact that at the Jan Suvidha Kendras, money was charged at the whims and fancies of the employees and the amount varied from ₹1,000 to ₹2,5000 for the works which are either free or for which a very nominal fee of not more than ₹100 is charged.

Initially, he filed the police complaint and seeing no effective action he approached the court with 4,000-5,000 pages documentary evidence; upon which the Chief Judicial Magistrate ordered the registration of FIR against the accused persons. The 29-pages of the FIR covers detailed methodology as to how the Jan Suvidha Kendras are run and also how the alleged bank fraud to the tune of ₹16,000 crore was perpetrated through such Kendras.

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Coins worth Rs 11 crore go missing from SBI branch, BFSI News, ET BFSI

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JAIPUR: State Bank of India (SBI) officials of Mehandipur Bajalji town in Karauli district were shocked after learning about embezzlement of coins worth Rs 11 crore.

Bank authorities have lodged a case at Todabhim police station and have also asked police to probe the role of bank officials who worked in this branch five years ago.

According to police, complianant Hargovind Meena, manager of Mehandipur Bajalji branch, in an FIR lodged on August 16 said coins worth Rs 13,62,11,275 were deposited according to bank records, but only Rs 1.39 crore were found.

“The embezzlement came to light when the bank management awarded a tender to a private firm for counting the coins on August 10. After this, the manager of the bank intimated higher authorities and later it was decided to lodge an FIR. We have registered an FIR and have initiated an investigation,” said a police officer.

It was also been mentioned in the FIR that about 15 armed miscreants threatened one of the employee of the firm not to count the coins on August 11. “The manager has also demanded an inquiry into the employees working in the bank in the last 5 years,” the officer added.

In the complaint, it was also alleged that the former manager of the bank and other employees had connived in this embezzlement. “We have registered an FIR and an assistant sub-inspector rank officer is been assigned the task to investigate the matter. We will visit the bank and if needed will call upon the former employees,” the officer added.

Police said there are two possibilities in this embezzlement. “Either the coins sent to the firm for counting were less or there might have been the involvement of the firm which was assigned to count the coins. We will probe into every angle of this,” said an officer.



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Financial power of Mungeli offical revoked over irregularity, BFSI News, ET BFSI

Personal Finance

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Raipur: The state government has revoked financial powers of municipal council president of Mungeli following alleged irregularities in payment to contractor.

A government spokesperson informed that the municipality president Santulal Sonkar has paid nearly Rs 13 lakh to a contractor even when the construction work was not done.

During the investigation it was found that no drain of 300 meters was constructed in Paramhans Ward under Mungeli Municipal Corporation as per proposal. However, a payment of Rs 13.2 lakh was given to the contractor of Akaltara in Janjgir-Champa district for the work. Following the investigation, the state government has revoked the financial powers conferred to Municipal Council Mungeli president Santulal Sonkar as per the relevant rules under the Municipality Act 1961.

Meanwhile, soon after the matter came into notice, urban administration and development minister Dr Shivkumar Dahariya took cognisance of the matter. As per his instructions, chief municipal officer Vikas Patle, deputy engineer Joyce Tigga, accountant Anand Nishad, and assistant revenue inspector Siyaram Sahu were suspended by the urban administration and development department this week with immediate effect.

In this case, besides issuing a show cause notice to Municipal Council Mungeli president Santulal Sonkar, instructions were also given to investigate the entire matter and register FIR against the accused concerned, said the official.



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CBI files cases against Delhi based private firms, directors, BFSI News, ET BFSI

Banking & Finance

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The Central Bureau of Investigation (CBI) registered a case against two Delhi-based private firms, including their directors or promoters, for allegedly defrauding Yes Bank of Rs 466.51 crore.

Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd have also been booked by the CBI for allegedly defrauding Yes Bank of over Rs 466 crore in 2017-19.

The CBI alleged that the accused engaged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public funds to the tune of ₹466.15 crore.

After filing a FIR against Gautam Thapar, Avantha Realty, and others for alleged diversion of over ₹466 crore from Yes Bank, the investigating agency conducted searches in 14 places including Delhi-NCR, Secunderabad, and Kolkata.

The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition.



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Coastal Projects accused of duping SBI, other banks by manipulating accounts, BFSI News, ET BFSI

Banking & Finance

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The Central Bureau of Investigation (CBI) on Saturday booked Coastal Projects Ltd and its directors in a bank bank fraud worth over Rs 4,736 crore in a consortium of banks led by the State Bank of India (SBI).

The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, the CBI said.

The Hyderabad-based company also allegedly gave wrong information on promoters’ contribution, converted receivables from related parties to investments to siphon off bank funds.

The loan account of the company became a NPA with retrospective effect from October 28, 2013 and subsequently declared fraud on February 20 last year.

Searches were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada, which led to the recovery of several incriminating documents and other material evidence.

(with inputs from PTI)



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