NEW DELHI: The CBI has booked Madhya Pradesh-based firm Narayan Niryat and its director, Kailash Chand Garg, for allegedly dishonest a UCO Financial institution-led consortium to the tune of over Rs 105 crore, officers mentioned on Monday.
The company has alleged that from 2011 to 2013, the corporate availed credit score services to the tune of over Rs 110 crore from a consortium of banks consisting of UCO Financial institution, Company Financial institution (now merged with Union Financial institution of India) and Punjab Nationwide Financial institution, they mentioned.
The CBI has additionally named one other director of the corporate, Suresh Chand Garg (now deceased), as accused within the FIR.
To allegedly cheat the banks, Narayan Niryat and its administrators resorted to varied mala fide actions comparable to diversion of financial institution funds by means of its affiliate and sister considerations with out transacting any items, improper reporting in monetary statements and stability sheets, the officers mentioned.
“Additional, the complainant financial institution (UCO Financial institution) has requested within the grievance for investigation of the position of unknown public servants within the above mentioned fraud dedicated upon the banks,” the CBI FIR alleged.
The financial institution, in its grievance, has alleged that the administrators, after availing credit score services, defrauded the banks and willfully diverted the banks’ funds and put the banks to an enormous wrongful loss and corresponding wrongful acquire to themselves and misused the general public cash.
“We additional inform you that the corporate has submitted a Compromise Proposal of Rs 37 crore to all three consortium banks in opposition to the entire excellent Rs 106.
56 crore, which was sanctioned by our financial institution however on account of non-compliance of phrases and situation of the OTS by firm, identical has been failed,” UCO Financial institution has mentioned in its grievance to the CBI which is now part of the FIR.