CBI chargesheets pvt firm, promoter in Rs 2,435 cr loan fraud case

New Delhi: The Central Bureau of Investigation (CBI) said on Wednesday that it has filed a chargesheet before the Rouse Avenue District Courts against CG Power & Industrial Solutions Ltd and its then promoter Gautam Thapar in an ongoing investigation into a case related to bank loan fraud of Rs 2,435 crore.

The CBI had registered the case on June 22, 2021 against CG Power & Industrial Solutions Ltd, its then promoter Gautam Thapar and others for committing loan fraud.

The accused had allegedly cheated a consortium of 13 banks, led by the State Bank of India, to the tune of Rs. 2,435 crore. It was alleged that huge amounts of loan were diverted by the accused to their related parties and subsequently adjustment entries were made.

It was also alleged that the accused had availed loans against the same securities without disclosing the finance taken from other banks. They also borrowed funds from banks by misrepresentation and by falsifying books of accounts, entries and vouchers.

The company was into the business of manufacturing of electrical equipment.