CBI takes control of Delhi Police’s Surya Vinayak Industries Ltd loan fraud case investigation

The firm is accused of sending the money to Singapore on the pretext of purchasing agricultural goods through a Singapore-based firm.

New Delhi: The Central Bureau of Investigation (CBI) has taken over an FIR of the Delhi Police lodged against Surya Vinayak Industries Ltd and its Directors for allegedly cheating bank fraud of Rs 29 crore.

The firm is accused of sending the money to Singapore on the pretext of purchasing agricultural goods through a Singapore-based firm.

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The complainant was lodged by IndusInd Bank in 2013 against Surya Vinayak Industries Ltd. and its Directors for cheating and committing fraud against the bank to the tune of Rs 29.92 crore.

The FIR was lodged in 2016. Later in February 2023, the Department of Financial Services (Vigilance Section), Ministry of Finance, directed the CBI to take over the probe.

“The total credit facilities sanctioned by the Consortium Banks to the Company was to the tune of Rs 1,400 crore out of which the share of the credit limits by the applicant bank was Rs 41.70 crore. However, the company failed to maintain the financial discipline and committed breach of terms of sanction and the loan documents,” read the FIR.

In respect of the Packing Credit Foreign Currency facility granted by the bank to the company there was an outstanding amount of US $ 40,14,614.34 in 2012 in the Export Packing Credit account of the company.

The said outstanding dues were to be liquidated by company by submission of export Letters of Credit and Export Documents but the Company deliberately failed to liquidate the said dues.

The said debit balance of USD 40,14,614.34 equivalent to Rs 25,19,93,895.84 was crystalized in 2012 and debited to a separate Cash Credit account of Company maintained with Indusind Bank.

The bank found that the firm was dealing with Singapore-based firm Louis Dreyfus Commodities Pvt. Ltd. Singapore (part of Louis Dreyfus Group).

This group is a major player in the global food chain and in processing of agricultural products, commodities. Bank said that they have strong feelings that the company misappropriated the amounts by not using it for the purposes of purchasing the goods for which the loan was given. In 2012, the firm also turned to NPA.

“The company and its Directors have siphoned off large amounts of money by creating dubious debtors. The bank had doubts that the accused could flee abroad and hence it seized their passport and handed it over to the authorities concerned,” the FIR stated.