DPIL fraud case: How government agencies teamed up to nab a habitual offender
By Rishabh Groch On 8 Apr, 2018 At 06:44 AM | Categorized As Business | With 0 Comments
  1. PRESS CHAMBER OF INDIA

NEW DELHI: On Thursday, the Central Bureau of Investigation (CBI) registered a cheating and criminal conspiracy case against Diamond Power Infrastructure Ltd (DPIL) owners Suresh Bhatnagar and his sons Amit Bhatnagar and Sumit Bhatnagar.
DPIL has been accused of cheating a consortium of 11 banks of Rs 2,654 crore. The alleged transactions from the bank started in 2008 when the company availed loans despite the fact that it was named in the RBI’s defaulters’ list and the Export Credit Guarantee Corporation (ECGC) caution list. Officials suggest this could not have been possible without the involvement of bank officials.

The CBI’s action is a culmination of sorts of the proceedings that started exactly a month back on March 6, when the Prime Minister’s Office (PMO), based on a grievance letter, directed the Finance Ministry, CBI and Enforcement Directorate (ED) to ascertain the facts on the case and take prompt action. Various government agencies – Department of Financial Services, Central Board of Direct Taxes (CBDT), Ministry of Corporate Affairs, CBI and ED – got together to report the outcomes to the finance ministry.
The finance ministry in turn asked the banks to lodge an FIR, followed by which Bank of India filed a complain to the CBI.

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