Hyderabad: The sleuths of Central Bureau of Investigation have booked a Hyderabad-based company Parikh Fabrics, represented by its directors Nikhil B Parikh and Rita B Parikh in an Rs 173.76 Crore bank fraud.
Parikh Fabrics located in Sultan Bazar in Hyderabad is engaged in manufacturing of men, ladies and children socks. The crime dates 2003 when the company was granted various credits to the tune of Rs 238.89 Crore by a consortium of banks. They include the State Bank of India, Punjab National Bank and State Bank of Bikaner and Jaipur.
The fraud was perpetrated by the accused at SBI commercial branch in Secunderabad, from where the funds were diverted and manipulated the accounts. However the account turned non-performing assets in 2011 following non-payment of installments.
The lid blew off when a forensic audit was conducted in 2019. The probe found that the directors diverted funds, manipulated the account books. "It is alleged that the company has not provided data to forensic auditors either in physical form or electronic to avoid in depth audit" CBI said.
Based on a complaint filed by the SBI bank, the CBI have booked the directors under section 120 B r/w, 420 of Indian Penal Code and 13(2) r/w 13 (1) (d) under Prevention of Corruption Act.