Delhi-based firm, others booked for ₹1,201-cr. fraud

The CBI has booked Delhi-based Amira Pure Foods Private Limited and its administrators for allegedly indulging in dishonest and fraud, inflicting a lack of ₹1,201.85 crore to a consortium of 12 banks.

Amira Pure Foods is the subsidiary of Amira Mauritius, which is wholly held by Amira Nature Foods Limited registered within the British Virgin Islands with headquarters in Dubai. The firm, which has a plant in Gurugram, is into export of agro commodities and has purchasers in Mauritius, New Zealand, the U.S., Canada and the United Arab Emirates.

Among these named as accused within the FIR are its promoter and chairman Karan A. Chanana, Anita Diang, Aparna Puri, Rajesh Arora, Jawahar Kapoor and Akshay Srivastava. They allegedly misappropriated and diverted the loans prolonged by the Canara Bank-led consortium, which additionally included the Yes Bank, utilizing shell entities.

According to the Canara Bank, the fraud got here to mild throughout a forensic audit in May 2019, which revealed alleged falsification of the account, inventory books and forgery of paperwork.

Amira Pure Foods was the lead financial institution’s consumer since 1995. In 2009, 11 different banks shaped a consortium with the Canara Bank to increase credit score services to the corporate, after it approached them for funds. The mortgage accounts turned non-performing belongings in November 2016. The firm requested for “holding operation [temporary measure to prevent the situation from getting worse]”, which was allowed.

However, as alleged, it didn’t pay the curiosity, didn’t submit monetary and different statements, and routed transactions outdoors the consortium. The accounts once more turned non-performing belongings in 2017.

The audit report revealed that the corporate had transacted considerably with its associated events and entities. It diverted ₹734.20 crore by means of non-genuine enterprise and sham transactions with 11 shell firms, as alleged. During the bodily inspection of its vegetation and godowns, the auditor discovered that they weren’t operational for the previous few months. The stock belonged to 3rd events.

There was no such inventory as proven within the books of account and inventory statements. A considerable a part of the stock was created on the premise of ‘accommodation’ purchases by means of paper entities, stated the FIR.

As it turned out, the corporate had additionally opened letters of credit score to the tune of ₹571.82 crore within the title of six entities, with none precise motion of products. It additionally inflated purchases and gross sales by means of a number of layers of paper entities, owned, operated and managed by inter-connected group of individuals linked to the corporate.

The Canara Bank alleged that the export turnover of the corporate’s personal subsidiaries might be false, notably in respect of export gross sales made to Dubai subsidiary. Import transactions price ₹213.05 crore in 2015-16 have been additionally suspected to be doubtful, elevating suspicion that funds have been diverted abroad.

Besides, the auditors suspected re-routing of borrowed funds proven because the promoter’s contribution.