CBI arrests Noida-based Tirupati Infraprojects’ CMD in bank fraud case

livemint.com:

New Delhi:  The Central Bureau of Investigation (CBI) today said it arrested the Chairman and Managing Director (CMD) of Tirupati Infraprojects Pvt. Ltd, Jag Mohan Garg, in a bank fraud case amounting to  ₹289.15 crore to a consortium of banks, the agency said in a statement.   The Investigation agency registered a case on 25 May 2022 against the said private company, its CMD, Directors, Guarantors and public & private persons on a complaint filed by the consortium of banks led by Bank of India, Union Bank of India, Canara Bank, Bank of Baroda & UCO Bank.  The agency in the statement added that the consortium of said banks led by Bank of India had granted Term Loan of ₹300 crore to the borrower company between year 2009 and 2014 for construction of a Hotel in Paschim Vihar, New Delhi, alongwith 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 siphoned off," the agency added.  The investigating agency had conducted searches on 27th May 2022 at the premises of the accused which led to recovery of several incriminating documents. During the investigation, CBI also examined several witnesses, officials of said borrower company, Bank officials, etc, the agency said.  The arrested accused was produced before the ‘Competent Court in Delhi and was remanded to Police Custody up to 13th July 2023,’ the agency concluded.