CBI registers complaint against Mumbai-based company over fraud allegations by IDBI Bank

The Central Bureau of Investigation on Monday booked a Mumbai-based company on a complaint filed by the IDBI Bank. Top Worth Steels and Power Private Limited, and its directors Surendra Champalal Lodha, Abhay Narendra Lodha, Ashwin Narendra Lodha, Nitin Golcha, and unknown public and private persons have been arrested. According to the complaint by IDBI, those arrested have cheated the bank of Rs. 63.10 crores between 2014 and 2016.

With the intention of defrauding the bank, the accused erred in all the loan facilities, letters of credit, trade credit, bank guarantees, cash credit limits, the bank claims. The account of the borrower company has been declared as NPA (Non-Performing Assets) due to various irregularities found. This has caused a loss of 63.10 crores to the bank.

The CBI raided 9 places including Mumbai, Nagpur, Chhattisgarh, and recovered all the evidence and documents from the house office of the accused persons. 

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