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HomeINB EnglishCBI: Case registered against Mumbai developer, accused of defrauding 15 banks including...

CBI: Case registered against Mumbai developer, accused of defrauding 15 banks including SBI of 38 crores

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The Central Bureau of Investigation (CBI) has filed a First Information Report (FIR) against Mumbai-based Unity Infraprojects Limited (UIEL), its Managing Director (MD), three directors, and unknown public servants for alleged fraud exceeding ₹3,800 crore involving the State Bank of India (SBI) and 15 other banks.

Based on a complaint against the Deputy General Manager of the Stress Assets Management Branch-I of SBI, an FIR has been registered. According to the complaint, Unity Infraprojects Limited (UIEL) was granted credit/loan facilities of approximately ₹3,800 crore by SBI and other consortium member banks, both fund-based and non-fund-based.

The primary allegation states, “The said company indulged in fraudulent transactions, including fake LC trade model, manipulation of data to effect unauthorized entries, diversion of funds through non-consortium accounts, siphoning of funds through related parties, and excessive payments in an undisclosed manner, thereby defrauding SBI and other consortium banks.”

The FIR includes UIEL, its MD Kishor Avarsekar, Vice Chairman and promoter Guarantor Abhijeet Avarsekar, Executive Director Ashish Avarsekar, Full-Time Director and Promoter Pushpa Avarsekar, unknown public servants, and private individuals.

It is stated that prima facie, the complaint reveals offenses under Section 120B and 420 of the Indian Penal Code and Section 13(2), 420(1)(d) of the Prevention of Corruption Act, pertaining to criminal conspiracy, fraud, and corruption offenses.

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