The Central Bureau of Investigation (CBI) has registered a case on complaint from Union Bank of India, Industrial Finance Branch, Mumbai against private (Borrower) company based at Mumbai, its then CMD, then Director and others including a private person, private companies, unknown public servant(s) & private persons on the allegations that the accused cheated a consortium of 17 banks led by Union Bank of India to the tune of over Rs. 34,615 crore (approx.) by siphoning off loans availed from the said banks & falsifying the books of said private (Borrower) company and creating Shell Companies/false entities, which had come to be known as “Bandra Book Entities”.
It was alleged that the said private company & its promoters had created a number of shell companies & fictitious entities (the Bandra Book entities) and siphoned off huge funds by disbursing funds to such fictitious entities. It was further alleged that separate audits conducted by other private audit accounting organisations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage & conceal dubious transactions.
The audits also identified several instances where large value loans were provided to such fictitious entities without due diligence and without securities. Instances of sanction and disbursement of loans, merely by e-mail communications were allegedly found for which no loan files were maintained in the said private (Borrower) company, the official note of CBI on Wednesday.
Searches were conducted today at 12 locations in Mumbai at the premises of accused which led to recovery of incriminating documents.
The accused:
M/s Deewan Housing Finance Corporation Limited, Bandra (East), Mumbai
Kapil Wadhawan
Dheeraj Rajesh Kumar Wadhawan,
Sudhakar Shetty
M/s Amaryllis Realtors, Mumbai
M/s Gulmarg Realtors, Mumbai
M/s Skylark Buildcon Pvt Ltd, Mumbai
M/s Darshan Developers Pvt. Ltd., Mumbai
M/s Sigtia Construction Pvt. Ltd., Mumbai
M/s Creatoz Builders Pvt. Ltd., Mumbai
M/s Township Developers Pvt. Ltd., Mumbai
M/s Shishir Reality Pvt. Ltd., Mumbai
M/s Sunblink Real Eastate Pvt. Ltd. and unknown public servant(s) & private person(s).
Investigation is continuing.
