CBI books directors of Deegee Cotsyn for causing loss of Rs 80 cr to 3 banks
| Date :14-May-2023 |
Staff Reporter :
Canara bank loses Rs 29 crore while Union Bank of India and IDBI Bank lose Rs 25 crore and Rs 26 crore respectively
Central Bureau of Investigation (CBI) booked the Directors of Deegee Cotsyn Private Limited, an Amravati-based textile company, for allegedly causing losses of Rs 80 crore to Canara Bank, Union Bank of India and IDBI bank.
The CBI booked a total of 14 persons in the case. The accused have been identified as Directors Narendrakumar Devkaranji Bhoot, Navalkumar Bhoot, Santoshkumar Bhoot, Liladevi Bhoot, Manoharlal Bhoot, all residents of Deorankar Nagar, Amravati; Taradevi Prakashchand Bhoot, Meenaldevi Anupkumar Bhoot, Sureshchandra Bhoot, Prakashchand Bhoot, Nishadevi Bhoot, Pravinkumar Bhoot, all residents of Anupam Apartment, Mangilal Plots, Camp, Narendra, Amravati, Deegee Orchards Pvt. Ltd Amravati and two unknown public servant(s).
In the first case, the CBI has registered a case against M/s Deegee Cotsyn Pvt Ltd, its directors, and unknown public servants and private persons for allegedly cheating Canara Bank and causing loss of Rs 29.83 crore.
The case was registered based on a written complaint received by the CBI, BS & F Zone, New Delhi, from Subodh Kumar, the General Manager of Canara Bank, Circle Office, Pune. According to the complaint, the company and its directors, in connivance with other unknown public servants and private persons, entered into a criminal conspiracy to cheat and defraud the bank by way of misappropriation, diversion, round-tripping, siphoning of funds, and forgery of documents. The allegations in the complaint, prima-facie disclose commission of offences punishable under Sections 120 (B), 420, 465, 468 and 471 of Indian Penal Code and Section 13(2) read with 13(1) (d) of Prevention of Corruption (PC) Act by M/s Deegee Cotsyn Pvt Ltd and its directors, as well as unknown public servants and private persons, the CBI said.
Union Bank of India cheated of Rs 25 crore: In the second case, the CBI has registered a case against M/s Deegee Cotsyn Pvt Ltd, its directors, guarantors, unknown public servants, and unknown persons for allegedly causing a wrongful loss of Rs. 25.66 crore to Union Bank of India (UBI). The complaint was filed by Sumer Singh Saroya, Regional Head of UBI, Nagpur.
According to the complaint, M/s Deegee Cotsyn Pvt. Ltd., its directors, and guarantors dishonestly induced the bank to grant and disburse hefty credit facilities by committing forgery and using those forged documents as genuine. They are also accused of siphoning off the bank's money fraudulently, causing wrongful loss to the bank and wrongful gain to themselves. The accused have been charged with criminal conspiracy, cheating, forgery, and criminal misconduct under various sections of the Indian Penal Code and the Prevention of Corruption Act, 1988. The account of M/s Deegee Cotsyn Pvt. Ltd. has been classified as a non-performing asset, and the bank has reported the fraud to the Reserve Bank of India.
An offence under Sections 120 (b), 420, 465, 468, 471 of Indian Penal Code read with Sections 13 (2), 13 (1) (d) of PC Act. IDBI bank loses Rs 26 crore: In the third case, The Central Bureau of Investigation (CBI) has initiated an investigation into allegations of fraud worth Rs 26.45 crores against M/s Deegee Orchard Pvt Ltd and unknown public and private persons, following a complaint lodged by Aditya Gajbhiye, Deputy General Manager of IDBI Bank Ltd, Pune. According to the complaint, M/s Deegee Orchard Pvt Ltd had availed credit facilities from IDBI Bank Ltd, which the company allegedly used to divert funds to its group of companies without obtaining prior permission from the bank. The complaint further alleges that the company violated the terms and conditions of the bank with intentions to commit fraud, resulting in a wrongful loss of Rs 26.45 crores to the bank and corresponding wrongful gain to themselves.
The allegations in the complaint, prima facie, disclose commission of offences punishable under Sections 120 (B), 409, 420 of Indian Penal Code read with Sections 13 (2), 13 (1) (d) of PC Act by M/s Deegee Orchard Pvt Ltd, Amravati.