CBI files chargesheet against nine accused in Rs 33-crore SBI fraud case

Ramkrishan Upadhyay

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Tribune News Service

Chandigarh, December 10

The Central Bureau of Investigation (CBI) has filed a chargesheet against nine accused in an alleged fraud case with the State Bank of India (SBI).

The accused named in the chargesheet are promoters, directors and former directors of Vardhman Life Sciences Private Limited and one more company.

The CBI has registered a case against the accused in 2016 on a complaint filed by officials of the SBI alleging that the bank had been duped of over Rs33 crore by the firm.

It has been alleged in the chargesheet that the loan was taken by the Chandigarh-based company to set up a plant in Cuddalore, Tamil Nadu. However, the money was diverted to personal accounts. The complaint alleged that inspection of the plant was also manipulated by installing used machinery.

The CBI alleged that that the accused in connivance and criminal conspiracy had siphoned off the bank funds by misrepresentation, fabrication and forgery of documents and falsification of financial records. An alleged loss of Rs33.79 crore (approximately) was caused to the bank.

Promoters and directors of the company Suyog Jain, RS Gujral, Vivek Gupta, SK Singla, RK Goyal, Sandeep Aggarwal and Deepak Mahajan have been named in the chargesheet. The other accused named in the chargesheet include Maheda Ram Chaudhary, Rane Engineers and Surveyors and Viraj S Rane, engineer, Rane Engineers and Surveyors.

After the investigation of more than five years, the CBI filed a chargesheet against the accused.

In the complaint before the CBI, the bank said Vardhman Life Sciences Private Limited approached the commercial branch of the bank in Sector 17, Chandigarh, and three other banks for grant of financial assistance by way of term loan under Multiple Banking Arrangement for the brownfield project for the manufacture of 6-APA and potassium clavulanate at a projected cost of Rs295 crore at the manufacturing plant at Cuddalore, Tamil Nadu.

The CBI said term loans aggregating to Rs175 crore were afforded to the company in September 2010 from four national banks — Rs40 crore from SBI, Rs40 crore from State Bank of Hyderabad, Rs40 crore from State Bank of Patiala and Rs55 crore from Exim Bank.

The CBI said when the commercial production of the proposed plants was delayed, the bank conducted an inspection on its own to examine the viability of the project. The inspection reports found several discrepancies in the project. The reports indicated the diversion of the money.

It said despite the dispersal of the entire term loan, a sum of Rs65 crore was still needed to complete the project. It has been alleged in the chargesheet that the company had purchased an old broiler against the requirement of the new one for its power plant. The bank again conducted another study, which also revealed many alleged other irregularities.

The CBI also alleged that the surveyor, Rane Engineers and Surveyors, in connivance with the accused company, submitted a faulty inspection report to mislead the bank.