CBI books defence firm for Rs 30-crore loan fraud

New Delhi, July 6

The CBI has registered an FIR against a firm associated with defence production for allegedly defrauding the Indian Bank (erstwhile Allahabad bank) to the tune of Rs 30 crore, officials said today.

According to the FIR, a senior official of Indian Bank, in his complaint, alleged that ‘Adigear International’ through its partners/guarantors with dishonest intention and in criminal conspiracy with unknown public servants and unknown private persons, “defrauded Indian Bank and caused a wrongful loss to the tune of Rs 31.88 crore to the bank and wrongful gain to themselves”.

The officials said that in March this year, the Ministry of Defence suspended apparel and bulletproof jackets manufacturer Adigear International from doing any business with the armed forces.

In the FIR, the CBI has named Adigear International, PN Khanna, Anu Khanna, Sanjay Khanna, Sandeep Khanna and a few others as accused in the case, the officials said, adding that the firm was located in Naraina Vihar, New Delhi, and persons named in the FIR were its partners or guarantors.

The FIR further reads that during the forensic audit of the company, it was found that Adigear International had requested the lender bank “Allahabad Bank” for discounting of sales bill raised on Standard Gram Udyog Sansthan for Rs 8.55 crore. The bank discounted these bills and credited a sum of Rs 7.07 crore to the cash credit account of the party.

“The bank has reason to suspect that the borrower firm has not done any business with Standard Gram Udyog Sansthan and the loan amount has been diverted by the borrower firm with the intention to cheat the bank,” the CBI said.