Four held for cheating banks over Rs 2,240 cr

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New Delhi, April 12 (IANS) The CBI has arrested four directors of Delhi-based Surya Vinayak Industries Ltd for cheating a consortium of banks over Rs 2,240 crore, an agency official said on Wednesday.

Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal have been arrested on the complaint of the Punjab National Bank, said the Central Bureau of Investigation (CBI) official.

It was alleged that the accused fraudulently used more than 100 shell companies for the diversion of bank funds.

The official said that there was no genuine business between the firm run by the accused and the shell companies.

“The firm also diverted Rs 376 crore out of the working capital limit obtained by the consortium of banks to six foreign subsidiaries based at Singapore, Hong Kong, China, Indonesia, Dubai and Ghana,” he said.

–IANS

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