Chennai: CBI files chargesheet in Rs 665 crore case

DECCAN CHRONICLE.

 

Published Dec 23, 2017, 6:45 am IST

Investigation conducted by the CBI revealed that the accused along with 7 satellite/shell companies entered into a criminal conspiracy.

 

 

 The Central Bureau of Investigation has filed three chargesheets on Friday in the Additional Chief Metropolitan Magistrate Court. 

 

Chennai: The Central Bureau of Investigation has filed three chargesheets on Friday in the Additional Chief Metropolitan Magistrate Court, Chennai against the former chairman and managing director of a Chennai based private leasing company and others in connection with a multi crore scam. They had allegedly duped three banks to the tune of approximately Rs 665 crore.
It is alleged that the directors/promoters/managing director and key officials of First Leasing Company of India Limited (FLCIL) entered into a criminal conspiracy with statutory and internal auditors of the company and unknown others with mala fide intentions to cheat IDBI bank. They had availed of various credit facilities from IDBI on the basis of forged financial reports, siphoned off the funds, and thereby caused wrongful loss of Rs 273.99 crore to the bank. Similarly, they had availed of various credit facilities from UCO Bank in the name of a private leasing company by submitting false and fabricated financial statements.

They had siphoned off amounts and caused a wrongful loss of Rs 142.94 crore to the nationalized bank. In the third case, the accused availed various credit facilities from SBI Bank in the name of a private company based at Chennai by fake financial documents and caused wrongful loss of Rs 248.46 crore to the bank. Investigation conducted by the CBI revealed that the accused along with 7 satellite/shell companies entered into a criminal conspiracy with statutory and internal auditors, cheated the banks and siphoned off funds for personal use, causing a wrongful loss of Rs 665 crores to the three banks. They used the money to donate annually to a trust run by the main accused.