RS 2654 Crore Bank Fraud CBI Raids Diamond Power Infrastructure.


On Thursday, Diamond Power Infrastructure Ltd (DPIL) was raided by the CBI after a case registered of cheating and criminal conspiracy against its owners, Suresh Bhatnagar and his sons Amit Bhatnagar and Sumit Bhatnagar, for allegedly cheating a consortium of 11 banks of Rs 2,654 crore.

Interestingly, the company got loans despite the fact that it was on RBI’s defaulters’ list and the Export Credit Guarantee Corporation (ECGC) caution list, which officials say couldn’t have been possible without the involvement of bank officials. The unknown bank officials have been named by the CBI in its FIR.

The CBI teams on Thursday raided several places in Vadodara including the firm’s office in Gorwa area and residence of managing director Amit Bhatnagar. Sumit is the joint managing director.

The CBI Confirmed “DPIL, engaged in manufacturing electric cables and other electrical equipment, fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debt of Rs 2,654.40 crore as on June 29, 2016,”

Here the Full List of banks.

All the figures are in Crores.

Bank of Baroda 348.99

ICICI 279.46

Allahabad Bank 227.96

Axis Bank 255.32

Dena Bank 177.19

SBI 266.37

IOB 71.59

IFCI 58 .53

Exim Bank of India1 81.92

Corporation Bank 109.11

Corporation Bank (NCD) 8.22

Dena Bank Employee Pension Fund (NCD) 9.24

Bank Employee Gratuity Fund (NCD) 4.11

Tata Capital Finance Service (NCD) 19.90

L & T Finance (NCD) 35.24

Bank of Maharashtra (NCD) 11.87

Syndicate Bank (NCD) 11.26

CSEB Gratuity and Pension Fund Trust (NCD) 7.60 Total 2654 .40

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