Home News Reports ED attaches assets of DPIL worth Rs 1122 crores over bank fraud charges

ED attaches assets of DPIL worth Rs 1122 crores over bank fraud charges

The Enforcement Directorate has today attached assets of Vadodara based firm Diamond Powers Infrastructure Limited valued at Rs 1122 crores over allegations of bank fraud. According to reports, the attached properties include windmills, plants, machinery, an under-construction hotel and several bungalows, flats and plots.

DPIL and its promoters are accused of cheating various banks of Rs 2654 crores and the CBI had registered FIR on them last month. The promoter of this firm is reportedly one Suresh Bhatnagar. Bhatnagar’s two sons Amit and Sumit who are the Managing Director and Joint Managing Director of the firm respectively are also accused in the case.

The CBI had reportedly alleged that the accused had fraudulently availed loans from a consortium of 11 public and private banks. The firm was sanctioned term loans and credits despite being in the RBI’s defaulters list and ECGC caution list. Axis Bank and Bank of India were the leading banks who sanctioned them term loans and cash credits respectively. Several bank officials were also named in the CBI FIR.

- Advertisement - - Article resumes -

The CBI reportedly alleges that DPIL projected inflated turnovers to the banks which never materialised. The firm had also submitted false stock records and the Bank Of India officials never reduced its cash credit limit.

The ED has reportedly stated that the assets of DPIL and its sister concerns such as Diamond Power Transformer Ltd, Diamond Projects Ltd, Mayfair Leisures and Northway Spaces have been attached as part of the provisional order. The CBI had arrested Suresh Bhatnagar and both his sons on 18 April.

Sharing is caring - Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Most read articles recently

Two AAP MLAs lunged towards Kejriwal and one punched him such that his glasses fell off, claims Kapil Mishra

AAP MLAs reportedly beat up Kejriwal so much that he has injured his knees and could not walk properly

Air Vistara senior officials visit Gen GD Bakshi, apologise for deleting the tweet honouring him

Sanjiv Kapoor, Chief Strategy & Commercial Officer, and Deepa Chadha, Senior Vice President – Human Resources & Corporate Affairs or Air Vistara visited Maj. Gen. Bakshi and tendered an official apology

AltNews co-founder caught shielding Islamists following the Sri Lanka terror attacks

Altnews cofounder seems to have graduated from sharing fake news himself to shielding radical Islamists

‘For five seconds, I was shocked. I was very angry,’ Sumitra Mahajan on Rahul Gandhi’s infamous wink

"But when he returned to his seat, started speaking again and winked, I was very angry. I said this is not proper. Actually, the hugging was not proper either. But this was a step too much," Sumitra Mahajan said.

Cambridge University confirms that Rahul Gandhi did his M.Phil using the name Raul Vinci

Cambridge University confirms that Rahul Gandhi did his MPhil using the name Raul Vinci

Non-bailable warrant issued against Arvind Kejriwal, Manish Sisodia and Yogendra Yadav in a defamation case

Additional Chief Metropolitan Magistrate issued non-bailable warrants as Kejriwal, Sisodia and Yadav were not present during the hearings of the case

‘Liberals’ addressing Yogi Adityanath by his birth name is a reflection of their deep seated Hinduphobia

The elevation of Yogi Adityanath to the seat of Chief Minister of India's most populous state ruffled many feathers and it's hardly surprising that they are throwing everything at him in the desperate hope that something will stick.

Rahul Gandhi talks while PM Modi delivers the Make In India promise: Apple to shift mass production of iPhones from China to India

While Bengaluru unit of Apple was already manufacturing older models, the new facility will manufacture newer phones

Justice Gogoi, the ‘plot’ and the things you might not know

Indian Express also does a quick job on Attorney General K.K. Venugopal. It says the AG wanted the day’s proceedings to receive “widest publicity” even as CJI wanted the “media to show restraint.”

Latest articles

Connect with us


Don't miss these

Sharing is caring - Share This Post and Support: