Case booked in cheating of a consortium of six banks of ₹848 crore
The CBI has booked Delhi-based JMD Oils Private Limited and others for allegedly cheating a consortium of six banks of ₹848.49 crore.
The case has been registered on a criticism from the Indian Overseas Bank (IOB) on behalf of all of the lenders. Among these named as accused are JMD Oils, Krishan Dhingra, Naresh Dhingra, Ramji Lal Sharma and Gulshan Kumar Dhingra.
The firm is into manufacturing of edible oils. It has one manufacturing unit in Gujarat’s Gandhidham and 22 depots for managing its operations. It had began taking credit score services from the IOB in 2004. The different lenders joined in later beneath the consortium association.
The mortgage account was declared non-performing asset by the banks from January to April 2015 on account of non-repayment of the dues. However, they reported it to the RBI as a fraud in March-May 2019.
An audit revealed that the funds had been allegedly siphoned off by faux purchases and gross sales reported by the corporate. At least in 438 cases, items value ₹242.54 crore had been proven to have been transported from one State to a different utilizing the identical car on consecutive days.
There had been 38 cases whereby items value ₹11.89 crore had been proven to have been taken to completely different States by the identical car on the identical day.
The registration numbers of autos, which purportedly transported items value ₹46.71 crore, recorded in the papers had been discovered to be of buses, two-wheelers, motor cabs and excavators.
According to the FIR, in most instances, your complete enterprise cycle of execution of commerce — involving the issuance of letters of credit score, buy of items, transportation and submission of the letters of credit score to the issuer financial institution — was accomplished in at some point.
The firm allegedly booked faux purchases amounting to ₹527.17 crore of the ₹653.68 crore verified through the audit. Several different irregularities had been detected.