Hyderabad: CBI books case against HEPS for ‘duping’ Canara bank
Hyderabad: The Hyderabad unit of Central Bureau of Investigation (CBI) has booked a conspiracy case against Hitech Electro Power Systems (HEPS) along with its managing director and others for allegedly cheating Canara Bank to the tune of Rs 5.03 crore.
The case under Sections 120B (conspiracy) read with 420 (cheating), 468 (forgery) and 471 (Using as genuine a forged 1[document or electronic record] of Indian Penal Code (IPC) along with the provisions of Prevention of Corruption (PC) Act was registered against the company managing partner Kanithi Uday Bhaskar and two others based on a complaint from the bank Chief General Manager KH Patnaik.
The CBI FIR said that Bhaskar availed overdraft fund based limit of Rs.4.90 crore on March 28, 2019 from e-Syndicate Bank (now Canara Bank) by offering primary security of hypothecation of stock in trade and collateral security of mortgage of industrial plot admeasuring 913.63 square at Warangal and residential house admeasuring 160 square yards at Hanamkonda.
The company partners in collusion with guarantors and other unknown persons have defrauded the bank and diverted the borrowed funds for the purposes other than for which it was lent. Further, the valuation of collateral security was also inflated for the purpose of availing loan more than the eligibility and caused wrongful loss of Rs 5.03 crore to the bank and corresponding wrongful gain to themselves.
It was alleged that the company in order to meet its working capital requirement based on purchase orders of Rs 25.47 crore received from Bharath Electronics, the firm approached e-Syndicate Bank on December 27, 2018, and availed overdraft fund based limit of Rs.4.90 crore on March 28, 2019.
The CBI said the work orders purported to be issued by BEL Chennai were fake. Due to continued default on servicing of interest accrued, the account slipped to Non-Performing Asset (NPA) on September 30, 2019 within six months of allowing the limit with an outstanding liability of Rs.5.03 crore.
The CBI said the company had diverted funds to some third parties, private firms or individuals who are no way related to the business of the firm and thereby mis-utilised the borrowed funds, for the purpose other than for which the loans were sanctioned.
The company had submitted inflated valuation of properties which they have offered as collateral security to the bank, it added.
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