HYDERABAD: The Central Bureau of Investigation on Tuesday booked a case of dishonest, forgery and legal conspiracy in opposition to promoters of Hyderabad-based Swiss Tech India Private Limited and officials of Irrigation and Water Resources Finance Corporation Limited of Delhi in a 27 crore rip-off.
The accused officials of IWRFCL and promoters of Swiss-Tech used false documents for sanctioning of 28 crore term mortgage from the previous for putting in of 500 Reverse Osmosis water remedies plants in Telangana and Andhra Pradesh.
Sanjeev Kumar AGM, Ajai Pratap Singh and Neha Sharma managers of IWRFCL and B Devanadh Reddy and I Sowjanya administrators of Swiss-Tech positioned in Road Number 12 Banjara Hills had been named as accused within the case.
Swiss Tech approached IWRFCL in 2012 for a public-private partnership venture to fabricate, provide, install of RO plants on build, proprietor, operate and transfer foundation. The plants had been meant to be set up in Chittoor, Nellore, Prakasam and Warangal.
The CBI FIR stated that the cost of the venture was once estimated to be around 37.five crore at the fee of 7.five lakh for each and every plant. The promoters offered to speculate 9.five crore and rest as term mortgage from IWRFCL. Both entered into a mortgage settlement on July 4 in 2012.
Accused officials of IWRFCL in collusion with administrators of Swiss-Tech fraudulently submitted pretend inspection document in 2012 and 2013 and certified that Swiss Tech installed RO water plants. Based on the studies IWRFCL allotted the loans amount to the SBI Kattedan branch account.
Balaji Consultants' inspection has discovered that best 50 RO plants are set up. CBI alleged the accused company caused 27 crore loss to the corporate out of 28 crore sanctioned. While the RO plants have not been installed, IWRFCL was once paying an insurance premium for 272 plants. It was once also discovered that no collateral security was once acquired for loans to Swiss Tech. The mortgage account grew to become NPA, and Swiss Tech failed to pay off. A section of the Prevention of Corruption Act has also been added to the case.
The accused officials of IWRFCL and promoters of Swiss-Tech used false documents for sanctioning of 28 crore term mortgage from the previous for putting in of 500 Reverse Osmosis water remedies plants in Telangana and Andhra Pradesh.
Sanjeev Kumar AGM, Ajai Pratap Singh and Neha Sharma managers of IWRFCL and B Devanadh Reddy and I Sowjanya administrators of Swiss-Tech positioned in Road Number 12 Banjara Hills had been named as accused within the case.
Swiss Tech approached IWRFCL in 2012 for a public-private partnership venture to fabricate, provide, install of RO plants on build, proprietor, operate and transfer foundation. The plants had been meant to be set up in Chittoor, Nellore, Prakasam and Warangal.
The CBI FIR stated that the cost of the venture was once estimated to be around 37.five crore at the fee of 7.five lakh for each and every plant. The promoters offered to speculate 9.five crore and rest as term mortgage from IWRFCL. Both entered into a mortgage settlement on July 4 in 2012.
Accused officials of IWRFCL in collusion with administrators of Swiss-Tech fraudulently submitted pretend inspection document in 2012 and 2013 and certified that Swiss Tech installed RO water plants. Based on the studies IWRFCL allotted the loans amount to the SBI Kattedan branch account.
Balaji Consultants' inspection has discovered that best 50 RO plants are set up. CBI alleged the accused company caused 27 crore loss to the corporate out of 28 crore sanctioned. While the RO plants have not been installed, IWRFCL was once paying an insurance premium for 272 plants. It was once also discovered that no collateral security was once acquired for loans to Swiss Tech. The mortgage account grew to become NPA, and Swiss Tech failed to pay off. A section of the Prevention of Corruption Act has also been added to the case.
CBI books promoters of firm for Rs 27 cr scam
![CBI books promoters of firm for Rs 27 cr scam]()
Reviewed by Kailash
on
June 06, 2018
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