The Central Bureau of Investigation (CBI) on Tuesday filed a chargesheet in opposition to Mumbai-based listed agency Parekh Aluminex Ltd and 23 others together with its administrators and chartered accountant for allegedly inflicting a lack of over Rs 297 crore to Indian Overseas Bank.
Parekh Aluminex has come underneath the scanner of a number of probe companies such because the Economic Offences Wing (EOW) of Mumbai police, the Enforcement Directorate (ED) for defaulting on loans of about Rs 2,500 crore to a consortium of twenty-two banks together with State Bank of India (Rs 255 crore), IDBI Bank (Rs 40 crore), Dena Bank (Rs 183 crore ), and Corporation Bank (Rs 60 crore). The CBI chargesheet has alleged that the agency has siphoned cash by “submitting pretend & cast buy invoices/letters of credit score (LCs).
The firm, the CBI has alleged, obtained loans in opposition to “false and fabricated balance sheets with inflated sales”. As per the chargesheet, the administrators of Parekh Aluminex allegedly “floated” shell corporations to flow into the mortgage proceeds “under the guise of LC transactions without doing any actual business”. “The company also submitted the alleged false bills and received the LC proceeds and diverted the proceeds to real estate business. The huge amounts were allegedly diverted to various realtors,” stated CBI.
