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.
ED attaches properties worth Rs. 1122 Crores of M/s Diamond Power Infrastructure Pvt. Ltd., Vadodara (DPIL) & others belonging to Suresh, Amit & Sumit Bhatnagar under PMLA in a Bank fraud case.
— ED (@dir_ed) April 24, 2018
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.
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.