CBI investigating Bengaluru firm in loan fraud case

Team Udayavani, Mar 29, 2018, 3:59 PM IST

Bengaluru: The CBI is probing a Bengaluru firm alongside two different organizations regarding an associated deceiving with Bank of India to the tune of Rs 15.84 crore. 

Recently, the agency had recorded a case against Jamshedpur-based Famica Press Industries Pvt Ltd, its two executives Jairam Singh and Rakesh Singh, Kolkata-based Pratham Deal Mark Pvt Ltd, Bengaluru-based Sunmas Machine Tools Pvt Ltd. 

As indicated by the CBI, the accused duped the bank from 2013 to 2015 by getting loans sanctioned to the tune of Rs 15.84 crore and misappropriating around Rs 6.90 crore by diverting it for purposes other than what was specified for getting the loan. 

“The whole advance moved toward becoming NPA (non-performing resource) and the denounced people made wrongful misfortune the tune of Rs 1,584.95 lakh to Bank of India, Telko Branch, Jamshedpur,” the FIR said. 

The bank had sanctioned a loan to Famicia Press Industries, which is occupied with manufacturing and machining sheet metal auto parts as an ancilliary of Tata Motors Ltd and TML Drive Line Ltd. 

It dispensed Rs 4.90 crore to Sunmas in four installment, while Rs 2 crore was given to Pratham Deal Mark by debiting the term loan account of Famica.
But the FIR stated, more than three and half years have gone since the payment was made to the providers (Sunmas and Pratham), however they have not provided the machinery or Famica has returned the cash. 

During a test, it became visible that Pratham Deal Mark was not managing at all in hardware and were into real estate business. 

The FIR said this itself demonstrated the “mala-fide”” aim of the borrower. 

“Assist five citations implied to be put together by the second provider Sunmas Machine Tools Pvt Ltd, Bengaluru bear a similar date. 

The said provider likewise couldn’t impact supply of machinery till date. In this way the borrowers and provider entered in criminal intrigue and in advancement of that connivance redirected the credit sum for their own utilization,” the FIR said.