The Central Bureau of Investigation (CBI) on Tuesday filed a chargesheet against Mumbai-based listed firm Parekh Aluminex Ltd and 23 others including its directors and chartered accountant for allegedly causing a loss of over Rs 297 crore to Indian Overseas Bank.
Parekh Aluminex has come under the scanner of multiple probe agencies such as the Economic Offences Wing (EOW) of Mumbai police, the Enforcement Directorate (ED) for defaulting on loans of about Rs 2,500 crore to a consortium of 22 banks including State Bank of India (Rs 255 crore), IDBI Bank (Rs 40 crore), Dena Bank (Rs 183 crore ), and Corporation Bank (Rs 60 crore). The CBI chargesheet has alleged that the firm has siphoned money by “submitting fake & forged purchase invoices/letters of credit (LCs).
The company, the CBI has alleged, obtained loans against “false and fabricated balance sheets with inflated sales”. As per the chargesheet, the directors of Parekh Aluminex allegedly “floated” shell companies to circulate the loan proceeds “under the guise of LC transactions without doing any actual business”. “The company also submitted the alleged false bills and received the LC proceeds and diverted the proceeds to real estate business. The huge amounts were allegedly diverted to various realtors,” said CBI.
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