Hyderabad: The sleuths of Central Bureau of Investigation (CBI) have booked Hyderabad-based Agarwal Industries's Chairman and management director Anirudh Pershad Agarwal and four others in a Rs 200.17 Crore bank fraud case.
The company located in Afzalgunj- Hyderabad is engaged in manufacturing and supply of refined oils, vanaspati and special fats under the brand of Gold Mohar, Gold Coin.
The Investigating agency has booked them for criminal conspiracy, forgery, cheating, criminal misconduct against erstwhile Allahabad bank (merged with Indian Bank). The accused include Agarwal Industries CDM's two sons, Murarilal Agarwal and Satish Kumar Agarwal, respectively.
The CBI was acting upon a complaint filed by the general manager of Allahabad bank's Koti branch. According to the complainant, the company represented by Anirudh Pershad Agarwal availed a loan from the erstwhile bank. In 2014 the company was sanctioned a loan of Rs 5 Crore and non working capital limit of Rs 50 Crore. Later by 2018, the company received a higher loan. However, Independent investigation revealed that, the Agarwal's fabricated the audit financial statements and diverted the loan to other businesses for personal gains.
"The company submitted false stock statement to the bank to conceal their irregularities. The directors falsified their books of accounts and wilfully defaulted in repayment. This graft has caused a loss to the tune of Rs 200.17 Crore" CBI said in its FIR.
The lid blew off when a Delhi-based chartered accountant conducted an independent forensic audit. A case under section 120 (B) r/w 420, 468, 471 and 477 –A of the Indian Penal Code and section 13(2) r/w 13 (1) (d) of the Prevention of Corruption Act has been booked against the industries.