CBI registers FIR against Delhi-based firm for cheating bank

The CBI has registered a case against a Delhi-based company for allegedly cheating the Development Bank of Singapore to the tune of Rs 122 crore and carried out searches today.
The agency has registered the case against Surya Vinayak Hospitalities Pvt Limited and directors of Surya Vinayak Industries -- Sanjay Jain, Rohit Choudhary, Sanjeev Agarwal, Rajeev Jain and Kamal Kant Sharma.
The CBI has so far registered six cases against the promoters and directors of the company.
It is alleged that they had cheated the bank of approx Rs 122.49 crore between 2007 and 2012.
"It was also alleged that the company was in the business of manufacturing of perfumery compounds and trading of agro- commodities.

"The directors of the said company arranged firms and companies to show bogus sale and purchase of agro commodities and perfumery compounds," CBI Spokesperson R K Gaur said.

He said it was alleged that the stock of perfumery claimed by the company was worth approx Rs 887 crore but when evaluated, it turned out that the alleged value was Rs 4.83 crore.
Gaur said the accused also allegedly submitted forged and fabricated documents as valuable security to the Bank for enhancement of credit limit.
"It may be noted that the said private company had also cheated the consortium member banks for a total amount of Rs 2,240 crore.

"Four accused including directors and others of the said Delhi-based private company had been arrested by the CBI on April 11 and at present, they are in judicial custody," he said.