New Delhi : The Central Bureau of Investigation (CBI) has registered four cases against New Delhi-based Shamken Group of Companies and its directors for cheating four public banks, said a statement issued by the investigation agency here Friday.
“The agency has registered four cases against Delhi-based Shamken Group of Companies and its chairman and managing director (CMD), joint managing director (JMD), promoter director and director (corporate finance) who were controlling and managing the affairs of these companies,” said the statement.
The case has been registered against them for cheating the Industrial Finance Corporation of India (IFCI) to the tune of Rs.95.6 million, UCO Bank to the tune of Rs.100 million, Industrial Development Bank of India (IDBI) to the tune of Rs.381.3 million and EXIM Bank of India to the tune of Rs.150 million, the statement added.
The agency had earlier registered a preliminary enquiry that revealed the offences relating to cheating, criminal conspiracy, preparing false and forged documents, which were committed by the accused under various sections of the Indian Penal Code (IPC).
“The CMD, JMD and directors of Shamken Group of Companies, in connivance with other unknown persons during the period from 1996-97 and 2002-03 had obtained various credit facilities from the above banks and financial institutions by submitting false and forged documents for obtaining working capital and term loans worth several millions of rupees.
“The money was thereafter diverted and siphoned off causing the banks and the financial institutions a loss of more than Rs.3 billion,” the statement further said.
The CBI has also conducted searches in the official and residential premises of accused and seized incriminating documents and unaccounted cash. Further investigations in the matter are on.