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New Delhi: The CBI have arrested Jagmohan GargChairman and Managing Director of Tirupati Infraprojects Pvt Ltd, in a bank fraud case of Rs 289.15 crore, officials said on Monday. It is alleged that the company illegally diverted the loan amount taken for a high-end hotel project in West Delhi.
Officials said Garg was produced before a special CBI court which remanded him in the agency’s custody till July 13.
The Central Bureau of Investigation (CBI) had registered an FIR against the company on May 25, 2022, for allegedly causing a loss of Rs 289.15 crore (as per 2014 data when the account was declared NPA) to a body of public. led by sector banks Bank of India Officials said the loan amount was misused illegally.
Other banks in the consortium are Union Bank of IndiaCanara Bank, Bank of Baroda and UCO Bank,
Bank of India has alleged that the cumulative losses incurred by the banks till December 13, 2021 due to rising outstanding have crossed Rs 979 crore.
The consortium of banks gave a term loan of Rs 300 crore to the company between 2009 and 2014 for the construction of Hotel Radisson Blu along with commercial spaces in Paschim Vihar, New Delhi.
The bank in its complaint has alleged that the company started showing stress in 2012 and after several attempts to rescue the account, it turned into a non-performing asset (NPA) in 2014.
It alleged that the company, its promoters and its directors with dishonest intentions, by employing fraudulent and dubious transactions have caused wrongful loss to the lending banks and caused wrongful gain to themselves, primarily from the project By diversion and misappropriation of the income generated.
In its complaint, Bank of India also said that they (Tirupati Infraprojects) entered into sale agreements with third parties without the consent of the lending banks and made false statements as pointed out by the forensic auditors appointed by the banks.
“It is further alleged that the accused had sold several commercial/retail/office spaces of the said hotel-cum-commercial building to various parties without informing the lending banks, and the money received from these buyers was diverted to other places Was.” The spokesperson said in a statement.
After the FIR was registered, the central agency conducted searches at the premises of the accused on May 27 last year, from which several incriminating documents were recovered.
“During the investigation, the CBI had examined several witnesses, officials of the borrower company, bank officials, etc.,” the spokesperson said.
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