BHUBANESWAR: CBI sleuths from Kolkata raided administrative center and residences of some key functionaries of infrastructure major, ARSS Infrastructure Private Limited (AIPL), here on Wednesday for allegedly defrauding Central Bank of India’s Janpath branch here of nearly Rs 62.41 crore in 2011.
The CBI crackdown adopted a criticism lodged by the bank on April four. CBI stated ARSS Damoh-Hirapur Tolls Private Limited (ADHTPL), a unique objective vehicle of AIPL, had approached the bank on June 23, 2011, in search of mortgage of Rs 87 crore to build a highway venture between Damoh and Hirapur in Madhya Pradesh. Subsequently, the mortgage of Rs 87 crore was once sanctioned. “From the full mortgage amount, Rs 62.55 crore was once launched to the corporate by the bank all over the period from October 27, 2011 to May 2, 2013. However, neither ADHTPL nor APIL took any step to execute the road venture which was once awarded to the corporate by Madhya Pradesh Road Development Corporation restricted (MPRDCL),” a CBI officer informed TOI. The probe agency stated the bank served notices to the corporate to go back its mortgage amount, but to no avail.
During investigation, the probe agency got here to know that the MPRDCL had terminated ADHTPL’s concession settlement for allegedly failing to execute the road venture inside of cut-off date. “We were knowledgeable by the bank that the corporate fraudulently diverted the mortgage cash to a few other projects. We are verifying it,” the officer stated.
CBI also got here to know that the corporate “dishonestly” shifted machines and other equipment, purchased from the mortgage amount to undisclosed locations. As consistent with bank’s rule, the corporate should have bought the equipment or machines and deposited the cash within the bank. “We were knowledgeable by the bank about suspected complicity of former leader manager and branch head Sudarsan Raj within the offence. The bank alleged that he did not observe stipulated phrases of disbursement of the mortgage. We are inquiring into this perspective,” the CBI officer stated.
In the FIR registered on April 9, the CBI has named ADHTPL’s two administrators (Sunil Agarwal and Soumendra Keshari Pattnaik), two former administrators (Shiv Kumar Singla and Abhikesk Damodar Jajoo), Subhash Agarwal (chairman of AIPL) and Sudarsan Raj (ex-branch manager of Central Bank of India’s Janpath branch) as accused. Neither the accused individuals, nor any ARSS official were available for remark. Significantly, Subhash Agarwal was once arrested by the commissionerate police here in 2013 for allegedly masterminding abduction and assault on an employee of Rail Vikash Nigam Limited.
The CBI crackdown adopted a criticism lodged by the bank on April four. CBI stated ARSS Damoh-Hirapur Tolls Private Limited (ADHTPL), a unique objective vehicle of AIPL, had approached the bank on June 23, 2011, in search of mortgage of Rs 87 crore to build a highway venture between Damoh and Hirapur in Madhya Pradesh. Subsequently, the mortgage of Rs 87 crore was once sanctioned. “From the full mortgage amount, Rs 62.55 crore was once launched to the corporate by the bank all over the period from October 27, 2011 to May 2, 2013. However, neither ADHTPL nor APIL took any step to execute the road venture which was once awarded to the corporate by Madhya Pradesh Road Development Corporation restricted (MPRDCL),” a CBI officer informed TOI. The probe agency stated the bank served notices to the corporate to go back its mortgage amount, but to no avail.
During investigation, the probe agency got here to know that the MPRDCL had terminated ADHTPL’s concession settlement for allegedly failing to execute the road venture inside of cut-off date. “We were knowledgeable by the bank that the corporate fraudulently diverted the mortgage cash to a few other projects. We are verifying it,” the officer stated.
CBI also got here to know that the corporate “dishonestly” shifted machines and other equipment, purchased from the mortgage amount to undisclosed locations. As consistent with bank’s rule, the corporate should have bought the equipment or machines and deposited the cash within the bank. “We were knowledgeable by the bank about suspected complicity of former leader manager and branch head Sudarsan Raj within the offence. The bank alleged that he did not observe stipulated phrases of disbursement of the mortgage. We are inquiring into this perspective,” the CBI officer stated.
In the FIR registered on April 9, the CBI has named ADHTPL’s two administrators (Sunil Agarwal and Soumendra Keshari Pattnaik), two former administrators (Shiv Kumar Singla and Abhikesk Damodar Jajoo), Subhash Agarwal (chairman of AIPL) and Sudarsan Raj (ex-branch manager of Central Bank of India’s Janpath branch) as accused. Neither the accused individuals, nor any ARSS official were available for remark. Significantly, Subhash Agarwal was once arrested by the commissionerate police here in 2013 for allegedly masterminding abduction and assault on an employee of Rail Vikash Nigam Limited.
ARSS firm under CBI scanner for 'cheating' bank
![ARSS firm under CBI scanner for 'cheating' bank]()
Reviewed by Kailash
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April 13, 2018
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