The Central Bureau of Investigation (CBI) has registered a case against a private company M/s Indian Technomach Co. Ltd based at Delhi & having its industrial unit in Himachal Pradesh and others including Rakesh Kr Sharma, Promoter & CMD; Vinay Kr Sharma, Director/Guarantor & two Corporate Guarantors, M/s Gurupath Merchandise Ltd.,(Corporate Guarantor), Kolkata & M/s Thunder Traders Ltd. (Corporate Guarantor), Kolkata; Unknown public servant(s)/unknown others on the allegations that the accused conspired with each other to defraud the banks and caused loss of *Rs.1528.05 crore* (approx) to the consortium of *16 banks led by Bank of India*
The consortium banks included Bank of India, Union Bank of India, Andhra Bank, Punjab & Sind Bank, Indian Overseas Bank, State Bank of Hyderabad, Central Bank of India, Corporation Bank, HDFC Bank Limited, Oriental Bank of Commerce, Saraswat Co-operative Bank, State Bank of Patiala, UCO Bank, Allahabad Bank, Standard Chartered Bank and DBS.
The CBI alleged that the accused, who were engaged in manufacturing ferrous and non-ferrous metal, obtained loans from the consortium of banks from 2008 to 2013 but later diverted the funds causing a loss of Rs 1528.05 crore.
The account was classified as *NPA in the books of accounts of Bank of India in March 2014.* It was red-flagged by the bank as advised by RBI in May 2015 and then declared *fraud in February 2016.*
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