On Tuesday, Promoters of Diamond Power Infrastructure Ltd (DPIL) are accused of defrauding a consortium of banks of Rs 2,654 crore, were arrested from Udaipur.
Senior CBI officials confirmed “that DPIL founder Suresh Bhatnagar and his sons – Amit Bhatnagar, the managing director, and Sumeet Bhatnagar, the joint managing director — were being brought to Gandhinagar. The operation was jointly carried out by Gujarat Anti-Terrorism Squad (ATS) and the CBI following a specific tip-off about their location.”
Sources said that “the three were living in Udaipur’s Paras Mahal Hotel since April 10. ATS sources said that during preliminary probe they got to know that the Bhatnagars were planning to flee India. They are likely to reach CBI Gandhinagar office by 5 am on Wednesday.”
The CBI had approached a special court in Ahmedabad and requested it to declare DPIL promoters as absconders. CBI officials approached special CBI judge N G Dave and urged for proclamation order under Section 82 of the CrPC, which could pave way the for attachment of their properties under Section 83 of the CrPC.
CBI had wanted Bhatnagars declared absconders
On April 6, after registering an FIR against the trio, the CBI had issued a notice under Section 41A of the CrPC asking the accused persons to appear before the investigators, giving them a chance to explain their position regarding non-repayment of loans and alleged financial irregularities. No one from the company turned up in response to the notice.
DPIL was alleged to have fraudulently availed credit facilities from a consortium of 11 banks (both public and private) from 2008, leading to the outstanding debt of Rs 2,654 crore as of June 29, 2016. The company allegedly submitted false stock statements to the lead bank treating “receivables more than 180 days” (non-current assets) as ‘less than 180 days (current assets) to get more drawing power in the cash credit accounts.
CBI sources alleged that “DPIl extensively utilized cash credit limits for obtaining a large number of letters of credit, and many of them could not be honored by the company and were thus “forced changes” on the credit limits.”
Instead, the Bhatnagars approached the court and sought anticipatory bail claiming they have not committed any fraud and none of the banks has filed a complaint against them.