The CBI said that PFPL through it’s director availed credit facilities based on manipulated book debt statements, financial statements with inflated figures, income and profit in order to be able to draw higher volume of amounts from the banks.
After availing the loan, they diverted the entire amount without its end utilisation, causing a loss of Rs 80.73 crore to SBI.
“Searches were conducted at several places in Mumbai, Ghaziabad and Baddi in Himachal Pradesh, which led to the recovery of incriminating documents, hard-discs, electronic gadgets etc.,” said a CBI official.
–IANS
atk/arm
