CBI conducts searches at 14 locations in connection with Rs 5717-cr fraud by SKS Power Generation
CBI conducted searches at 14 locations on Friday after registering an FIR into the alleged Rs 5717-crore bank fraud by Chhattisgarh-based SKS Power Generation Ltd, officials said.
In its FIR, registered on the orders of Allahabad High Court, the CBI has alleged that company promoted by SKS Ispat and Power Ltd. (SKSIPL) had availed Rs 6,170 crore loan from State Bank of India (SBI), L&T Infrastructure Finance Limited, PTC India Finance Limited, and State Bank of Bikaner and Jaipur which resulted in the default of Rs 5717 crore, they said.
The CBI has booked Anil Mahabir Gupta, Director of SKS Power Generation (Chhattisgarh) Ltd, Anish Anil Gupta, Director of SKS Ispat and Power Limited, Mumbai and 26 others including two officers of State Bank of India, they said.
According to the FIR, the financial institutions auctioned the defaulted loan which was settled at Rs 2,000 crore in favour of Entwickeln India Energy Private Limited.
It was found that Entwickeln India Energy Private Limited was registered at the same address as SKS Power Generation Ltd. The two companies had merged in 2019 allegedly indicating unauthorised actions, the officials said.
The FIR has alleged that under a criminal conspiracy, the accused wilfully diverted and round-tripped bank funds through bogus share transactions using shell companies with «mala fide intention» to enrich themselves.
A significant loan amount was transferred to British Virgin Islands and British Overseas Territories of Bermuda through fictitious companies, the FIR has
