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CBI arrests pvt telcom firm director

Our Staff Reporter, New Delhi
13/05/2017   0 Comments

The Central Bureau of Investigation has arrested then Director of a Ahmedabad/Mumbai based private telecom company in an on-going investigation of a case involving SBI, Canara Bank and Vijaya Bank lending in a consortium for causing a loss of Rs 126 crore (approx) was caused to Banks.

It was alleged that the said private telecom company was sanctioned several credit Facilities which include Cash Credit, Term Loan and Non Fund Based Limits (LCs) to the tune of Rs. 126 crore (approx). The accused had taken over this company from the earlier promoters. It was further alleged that this company had won the bid for launching of BSNL VVOBB (Voice and Video over Broad Band) project in the Southern & Eastern Zones of the country and the accused inflated the project costs to obtain huge funds from the banks.

It was also alleged that no machinery was actually supplied and letters of Credit were opened favouring associate companies. These LCs were allegedly discounted and funds siphoned off. Role of the said accused in 06 other cases are also being investigated.


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