CBI books Kolkata-based RP Infosystem for defrauding 17 banks of Rs 515 crore
The CBI has filed a FIR against company's directors Shivaji Panja, Kaustuv Ray, Vinay Bafna, vice-president (Finance) Debnath Paul of RP Infosystem along with unidentified bank officials.
- Feb 28, 2018,
- Updated Feb 28, 2018 10:33 PM IST
Soon after the Nirav Modi scam, more bank frauds are coming to the light. The Central Bureau of Investigation (CBI) has now booked Kolkata-based computer company RP Infosystem Ltd and its directors for defrauding a consortium of Canara Bank and 16 other lender of more than Rs 500 crore.
"The leader of the consortium had filed a case with CBI in May 2015. The account had been treated as fraud by our bank during October 2015 and reported to RBI. Consequent upon the leader bank relinquishing its role as the leader of the consortium and as directed by CBI (BS&FC), Kolkata, we were authorised by the remaining member banksto file revised complaint with CBI," Canara Bank said in a statement.
Under the consortium of 17 banks, Canara Bank financed a working capital limit of Rs 40 crores (4.69 per cent), the private sector lender mentioned in the statement, adding that that it was not the leader of the consortium.
Based on the complaint received from Canara Bank Deputy Manager DV Prasad Rao, the central investigative agency filed an FIR against company's directors Shivaji Panja, Kaustuv Ray, Vinay Bafna, vice-president (Finance) Debnath Paul along with unidentified bank officials. They have been accused of defrauding the 17-bank consortium of Rs 515 crore. The directors named in the case had allegedly acquired the loan on the basis of forged stocks and debtors' statements, and then wilfully defaulted on it.
The other banks in the consortium included State Bank of India, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, State Bank of Patiala, Federal Bank, and Punjab National Bank, among others.
The case has been registered under sections 120B (criminal conspiracy) read with 420 (cheating), 468 and 471 (both related to forgery) of the IPC and the criminal misconduct by a public servant, according to an ANI report.
The FIR says the accused were availing bank funds on the basis of 'false and fabricated stock/receivables/ debtors statements, forged drawing power letter, etc.'
RP Infosystem had also inflated its receivables, Canara bank mentioned in the FIR, as supposed debtors like Gail India, Vincent Electronics and CEAT informed that they had no dealings with the company. Following this, Canara Bank filed the FIR with CBI with consent from other member banks of the consortium.
Panja, one of the directors of RP Infosystem has been involved in financial offences since long. In 2015, he was arresed dramatically while returning from Dhaka with West Bengal Chief Minister Mamata Banerjee. He was detained by the state police on the basis of a lookout notice by economic offences wing of Delhi police.
The CBI had booked Panja along with other directors of RP Infosystem in June 2015 for defrauding IDBI Bank of Rs 180 crore.
Soon after the Nirav Modi scam, more bank frauds are coming to the light. The Central Bureau of Investigation (CBI) has now booked Kolkata-based computer company RP Infosystem Ltd and its directors for defrauding a consortium of Canara Bank and 16 other lender of more than Rs 500 crore.
"The leader of the consortium had filed a case with CBI in May 2015. The account had been treated as fraud by our bank during October 2015 and reported to RBI. Consequent upon the leader bank relinquishing its role as the leader of the consortium and as directed by CBI (BS&FC), Kolkata, we were authorised by the remaining member banksto file revised complaint with CBI," Canara Bank said in a statement.
Under the consortium of 17 banks, Canara Bank financed a working capital limit of Rs 40 crores (4.69 per cent), the private sector lender mentioned in the statement, adding that that it was not the leader of the consortium.
Based on the complaint received from Canara Bank Deputy Manager DV Prasad Rao, the central investigative agency filed an FIR against company's directors Shivaji Panja, Kaustuv Ray, Vinay Bafna, vice-president (Finance) Debnath Paul along with unidentified bank officials. They have been accused of defrauding the 17-bank consortium of Rs 515 crore. The directors named in the case had allegedly acquired the loan on the basis of forged stocks and debtors' statements, and then wilfully defaulted on it.
The other banks in the consortium included State Bank of India, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, State Bank of Patiala, Federal Bank, and Punjab National Bank, among others.
The case has been registered under sections 120B (criminal conspiracy) read with 420 (cheating), 468 and 471 (both related to forgery) of the IPC and the criminal misconduct by a public servant, according to an ANI report.
The FIR says the accused were availing bank funds on the basis of 'false and fabricated stock/receivables/ debtors statements, forged drawing power letter, etc.'
RP Infosystem had also inflated its receivables, Canara bank mentioned in the FIR, as supposed debtors like Gail India, Vincent Electronics and CEAT informed that they had no dealings with the company. Following this, Canara Bank filed the FIR with CBI with consent from other member banks of the consortium.
Panja, one of the directors of RP Infosystem has been involved in financial offences since long. In 2015, he was arresed dramatically while returning from Dhaka with West Bengal Chief Minister Mamata Banerjee. He was detained by the state police on the basis of a lookout notice by economic offences wing of Delhi police.
The CBI had booked Panja along with other directors of RP Infosystem in June 2015 for defrauding IDBI Bank of Rs 180 crore.