New Delhi, Jul 10 (PTI) The CBI has arrested Jag Mohan Garg, chairman and managing director of Tirupati Infraprojects Private Limited, in a bank fraud case involving an amount of Rs 289.15 crore, officials said on Monday.
Garg was produced before a special CBI court that sent him to the agency’s custody till July 13, they said.
The Central Bureau of Investigation (CBI) registered an FIR against the company on May 25, 2022 for allegedly causing a loss to the tune of Rs 289.15 crore to a consortium of banks comprising the Bank of India, the Union Bank of India, the Canara Bank, the Bank of Baroda and the UCO Bank by illegally diverting loan funds, the officials said.
The consortium led by the Bank of India had granted a term loan of Rs 300 crore to the company between 2009 and 2014 for the construction of a hotel at Paschim Vihar, New Delhi, along with commercial spaces.
“It was further alleged that the accused had sold several commercial/retail/office spaces of the said hotel-cum-commercial building to various parties without intimating the lender banks and funds obtained from these buyers were diverted/siphoned off,” a CBI spokesperson said in a statement.
After the registration of the FIR, the federal agency conducted searches at the premises of the accused on May 27 last year, leading to the recovery of several incriminating documents.
“During the investigation, the CBI had examined several witnesses, officials of the said borrower company, bank officials etc.,” the spokesperson said. PTI ABS RC
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