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The Central Bureau of Investigation (CBI) has registered a case in opposition to a city-based IT company on the cost of cheating the State Bank of India (SBI) to the tune of ₹77.14 crore.
The CBI’s Economic Offences Wing has booked M/s Gemini Communication Ltd., a company engaged within the enterprise of system integration and offering networking and communication options.
Its promoters, R. Vijay Kumar and R. Ram Kumar, executed safety paperwork in favour of SBI and availed themselves of a mortgage of ₹69.5 crore.
Owing to the non-payment of dues by the debtors, the account was declared a non-performing asset on December 7, 2012. It got here to gentle in a forensic audit report that the debtors had availed themselves of/renewed/enhanced credit score services by submitting false/manipulated monetary statements (balance-sheets). They additionally diverted funds throughout the interval of asset decision course of with out the data of the decision skilled and throughout the liquidation interval with out informing the liquidator.
A case underneath Section 120(B) (legal conspiracy), 420 (cheating) and different provisions of the Prevention of Corruption Act has been registered in opposition to the promoters and different unknown public servants/personal individuals, the CBI stated within the First Information Report.
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