CBI books Educomp, directors for bank fraud; searches 8 places
The CBI on Tuesday carried out searches at eight locations in Delhi, Gurugram and Dehradun after registering a case against Educomp Solutions Ltd (ESL), its subsidiary and directors for allegedly defrauding an SBI-led consortium of 13 banks to the tune of Rs 1,955 crore, officials said. A senior CBI official said that agency sleuths carried out searches on the premises of Educomp Solutions, Edu Smart and its directors in the three cities.
The central probe agency has booked ESL, its Managing Director Shantanu Prakash, Guarantor Jagdish Prakash, its subsidiary Edu Smart Services Pvt Ltd and Directors Vijay Kumar Choudhary and Vinod Kumar Dandona on the complaint from State Bank of India on behalf of the consortium of banks, he said.
The case was registered on February 10.
According to CBI officials, the account of ESL was declared a non-performing asset in 2016.
In a complaint to the CBI, the banks alleged that the ESL was availing various credit facilities from the consortium. Highlighting the misdeeds, the banks said that accused persons, in furtherance to their criminal conspiracy, facilitated diversion of funds, got loans to related parties written off, booked sales without contractual obligations, and forged documents not only to get the facilities sanctioned from the bank, but further used them to siphon off the funds, thereby cheating the bank to the extent to an extent of Rs 1,955.36 crore.
