CBI files 2 chargesheets against former MD of TFL

The chargesheets, filed in the court of a metropolitan magistrate recently, prayed for the issue of summons.

The Economic Offences wing of CBI has filed two separate chargesheets in a local court against former Managing Director of M/s Tata Finance Ltd Dilip Pendse, charging him and others with cheating the company to the tune of crores of rupees.

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The chargesheets, filed in the court of a metropolitan magistrate recently, prayed for the issue of summons to the accused on complaints filed by Tata Group of Companies.

According to the first chargesheet, Pendse had connived with brokers and officials of Nishkalp Investment and Trading Company Ltd (NITCL), subsidiary of TFL, to falsify accounts and cheat the investors to the tune of crores of rupees.

CBI alleged that during September 2000 and August 2001, Pendse connived with CEO and chief accountant of NITCL, AL Shilotri and PB Karyekar respectively and also brokers Bharat Patel and Prashant Patel to defraud investors to the tune of crores of rupees.

It was alleged that the accused had forged the names of TFL and NITCL on contract notes pertaining to purchase and sale of shares of Global Telesystems Ltd and Global Electronic Communication System between other genuine parties.

CBI said the decision to forge names of TCL and NITCL on contract notes dated September 30, 2000 was intended to defraud investors.

In the other chargesheet Pendse and other accused are alleged to have entered into a criminal conspiracy to cheat and misappropriate funds of Tata group of companies and other investors in TFL and in the process committing various acts of omission and commission including cheating, falsification of accounts, forgery and violation of Companies Act, SEBI Act and RBI Act.