The Central Bureau of Investigation (CBI) has filed a case against a defense-related corporation for allegedly defrauding the bank to the tune of Rs 30 crore. According to the FIR, a senior official of Indian Bank alleged in his complaint that Adigear International, through its partners/guarantors, with dishonest intent and in criminal conspiracy with unknown public servants and unknown private persons, defrauded Indian Bank (erstwhile Allahabad Bank), causing wrongful loss to the bank and wrongful gain to themselves.
The Ministry of Defence barred Adigear International, a manufacturer of garments and bulletproof jackets, from conducting business with the armed forces in March of this year. The accused named in the FIR have been identified as Adigear International, P N Khanna, Anu Khanna, Sanjay Khanna, Sandeep Khanna and others. The firm is located in Naraina Vihar, New Delhi and persons named in the FIR were partners or guarantors in the firm.
It further reads that during the forensic audit of the company, it was found that Adigear International has requested the lender bank “Allahabad Bank” for discounting of sales bill raised on Standard Gram Udyog Sansthan for Rs 8.55 Cr. The bank discounted these bills and credited a sum of Rs 7.07 Cr to the cash credit account of the party.
On the due date, Standard Gram Udyog Sansthan failed to make the payment to the bank. When Adigear International was contacted, it was informed that Standard Gram Udyog Sansthan had rejected the goods and had been lying in the factory. Because Adigear International did not disclose stock details, auditors were unable to verify the rejected stock.
The bank has cause to believe that the borrower firm has not done business with Standard Gramme Udyog Sansthan and that the loan amount has been diverted with the goal to defraud the bank. It was also discovered that the borrower firm used the complaining bank’s letter of credit facility in the names of multiple entities, some of which were discovered to be non-existent.