The company is accused of funneling funds to Singapore under the pretense of buying agricultural products through a Singaporean company.
Post Date – 23rd Sunday 23rd July 12:39pm
New Delhi: The Central Bureau of Investigation (CBI) has taken over the FIR filed by the Delhi Police against Surya Vinayak Industries Ltd and its directors for alleged bank fraud of Rs 2.9 crore.
The company is accused of funneling funds to Singapore under the pretense of buying agricultural products through a Singaporean company.
In 2013, Bank IndusInd filed an allegation against the complainant against Surya Vinayak Industries Ltd. and its directors for defrauding the bank in the amount of Rs 2,992 crore.
The FIR was filed in 2016. In February 2023, the Financial Services Department (Vigilance Section) of the Ministry of Finance directed the CBI to take over the investigation.
“The total credit line approved by the consortium banks to the company was Rs 1,400 crore, of which the applicant bank’s share of the credit line was Rs 4,170 crore. However, the company failed to observe financial discipline and violated the sanction terms and loan documents.”
The packaging credit foreign currency financing issued by the bank to the company. In 2012, the outstanding amount in the company’s export packaging credit account was 40,14,614.34 US dollars.
The above-mentioned arrears should be settled by the company by submitting the export letter of credit and export documents, but the company deliberately refused to settle.
The above debit balance of USD 40,14,614.34 (equivalent to Rs. 25,19,93,895.84) was materialized in 2012 and credited to the Company’s separate cash credit account with Industrial Bank.
The bank found that the company was dealing with Singapore-based Louis Dreyfus Commodities Pvt. Singapore Limited (part of the Louis Dreyfus Group).
The group is a major player in the global food chain and in the processing of agricultural products and commodities. The banks said they strongly believe the company misappropriated the funds and did not use them to purchase goods for which the loans were made. In 2012, the company also switched to NPA.
“The company and its directors siphoned off huge amounts of money by creating suspicious debtors. The bank suspected that the defendants might have fled abroad and therefore seized their passports and handed them over to the relevant authorities.”
