New Delhi [India], November 14 (ANI): The Central Bureau of Investigation on Monday arrested a managing director and promoter of a private company based in New Delhi in an ongoing investigation of a case related to bank fraud of Rs 512.67 crore.
The arrested person has been identified as Avinash Jain, Managing Director and Promoter of M/s Arise India Limited. The company deals in the manufacturing of electrical goods.
During the investigation of the case, CBI examined several persons including witnesses, officials of a private company, Bank Officials, etc.. However, the said MD/Promoter of the company was found to be evasive in his replies.
A case was registered in November 2020 against a private company based at Mangala Puri in the Palam area of New Delhi and others including its Director and Promoter, other Directors; Unknown Public Servants/others on the allegations of causing loss to Banks to the tune of Rs. 512.67 crore (approx).
The complainant bank i.e. State Bank of India in its complaint had alleged that the accused cheated the consortium of six banks, led by State Bank of India, causing fraud of Rs. 512.67 Crore.
It was further alleged that the accused had diverted bank loans to its related parties and deliberately cheated the banks by inflating the debtors of the company.
The said private company was in the business of manufacturing and trading of monoblock pumps, submersible pumps, batteries, invertors and electrical goods and its Units were at Sonipat (Haryana) and Kala Amb (Himachal Pradesh). The accounts of said Company were declared NPA on February 27, 2017.
CBI had earlier conducted searches in December 2020 at the premises of the accused which led to the recovery of several incriminating documents including books of accounts of the said borrower company, purchase/sales details etc.
The arrested accused will be produced on Tuesday before the Competent Court in Delhi. (ANI)
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