HYDERABAD: The Central Bureau of Investigation on Tuesday booked a case of cheating, forgery and criminal conspiracy against
promoters of Hyderabad-based Swiss Tech India Private Limited and officials of Irrigation and Water Resources Finance Corporation Limited of Delhi in a 27 crore scam.
The accused officials of IWRFCL and promoters of Swiss-Tech used false documents for sanctioning of 28 crore term loan from the former for setting up of 500 Reverse Osmosis water treatments plants in
Telangana and Andhra Pradesh.
Sanjeev Kumar AGM, Ajai Pratap Singh and Neha Sharma managers of IWRFCL and B Devanadh Reddy and I Sowjanya directors of Swiss-Tech located in Road Number 12 Banjara Hills were named as accused in the case.
Swiss Tech approached IWRFCL in 2012 for a public-private partnership project to manufacture, supply, install of RO plants on build, owner, operate and transfer basis. The plants were supposed to be set up in Chittoor, Nellore, Prakasam and Warangal.
The
CBI FIR said that the cost of the project was estimated to be around 37.5 crore at the rate of 7.5 lakh for each plant. The promoters offered to invest 9.5 crore and rest as term loan from IWRFCL. Both entered into a loan agreement on July 4 in 2012.
Accused officials of IWRFCL in collusion with directors of Swiss-Tech fraudulently submitted fake inspection report in 2012 and 2013 and certified that Swiss Tech installed RO water plants. Based on the reports IWRFCL disbursed the loans amount to the SBI Kattedan branch account.
Balaji Consultants' inspection has found that only 50 RO plants are set up. CBI alleged the accused company caused 27 crore loss to the company out of 28 crore sanctioned. While the RO plants have not been installed, IWRFCL was paying an insurance premium for 272 plants. It was also found that no collateral security was obtained for loans to Swiss Tech. The loan account turned NPA, and Swiss Tech failed to repay. A section of the Prevention of Corruption Act has also been added to the case.
