NEW DELHI/AHMEDABAD: The CBI today said it had registered a criminal case against a Vadodara-based company dealing in electric cable and equipment and its directors for allegedly cheating various banks to the tune of Rs 2,654 crore.
The central probe agency also launched searches at the official and residential premises of the company — Diamond Power Infrastructure Ltd. (DPIL), and its directors in Vadodara in Gujarat, a CBI spokesperson said.
The CBI alleged that DPIL, which manufactures electric cables and equipment, is promoted by S N Bhatnagar and his sons Amit Bhatnagar and Sumit Bhatnagar, who are also the executives of the firm.
“It is alleged that DPIL, through its management, (had) fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debit of Rs 2,654.40 crore as on June 29, 2016,” it said.
The loan, it said, was declared a non-performing asset in 2016-17. (AGENCIES)
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