CBI arrests four for cheating banks to the tune of Rs 2240 crore via shell companies | india-news | Hindustan Times
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CBI arrests four for cheating banks to the tune of Rs 2240 crore via shell companies

It is alleged that the four accused used more than 100 shell companies for routing and diversion of bank funds.

india Updated: Apr 12, 2017 13:35 IST
CBI arrested directors of Surya Vinayak Industries for money laundering.
CBI arrested directors of Surya Vinayak Industries for money laundering.(Representative image)

The CBI has arrested four directors of Surya Vinayak Industries Limited for allegedly cheating consortium of banks to the tune of Rs 2240 crore.

Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal have been arrested on the complaint of Punjab National Bank (PNB), CBI sources said.

It is alleged that the four accused used more than 100 shell companies for routing and diversion of bank funds, they said.

The firm and the shell companies had no genuine business transactions, the CBI sources said.

The PNB alleged that the company had diverted bank funds to the tune of Rs 2240 crore, which resulted in loss to the consortium.

Over Rs 300 crore of working capital was also allegedly moved to six companies set abroad, they said.

The accused will be produced before the Patiala House Court on Wednesday.