CBI books rice mill, 3 directors in Rs 100-cr cheating cases
Directors Shyam Lal, Parveen Kumar and Suresh Kumar allegedly obtained credit facilities from the SBI's commercial branch in Haryana's Karnal by misrepresentation of facts, a Central Bureau of Investigation (CBI) spokesperson said.
The company, which manufactured grain mill products (rice), allegedly diverted the loan amount for introduction of share capital, inflated the sale and purchase figures, and devalued stocks to show losses to justify diversion of funds by selling stock out of books, the officials said.
The company allegedly failed to repay the loan amount resulting in the loss of Rs.100.46 crore to the bank.The agency has also booked unnamed public servants in the case, the officials said. ABS ANB ANB
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