05-01-2023
Watsupptoday Desk

The Central Bureau of Investigation (CBI) has filed a charge sheet before a special court in Delhi against C G Power and Industrial Solutions and its former promoter Gautam Thapar in an alleged Rs 2,435-crore bank fraud case that affected 12 banks. The CBI has filed the charge sheet after conducting a probe for around 19 months into the allegations of diversion of bank funds, and manipulation of account books, among other charges, against the company, Thapar, and other senior executives. “We have filed a charge sheet against M/s C G Power & Industrial Solutions Ltd and others, including Gautam Thapar, the then promoter. It was alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently adjustment entries were made. It was also alleged that the accused had availed loans against the same securities without disclosing finance taken from other banks and also borrowed funds from the bank by misrepresentation & falsifying of books of accounts, entries, and vouchers. The company was into the business of manufacturing electrical equipment,” said a spokesperson of the CBI. The present case is based on a complaint from the State Bank of India (SBI), which had an exposure of 12.81 percent in the default amount of Rs 2,435 crore, on behalf of the consortium of 11 other lender banks, including Yes Bank, which has the second highest exposure at 11.75 percent.