Mumbai: The Central Bureau of Investigation (CBI) on Wednesday registered an FIR against Parekh Aluminex Ltd, a Mumbai-based aluminium foil manufacturing firm, after the Cuffe Parade branch of EXIM Bank filed a complaint against them earlier this week.
The firm has already been banned by the Securities and Exchange Board of India, and is facing legal and criminal action from various agencies, including the Economic Offences Wing (EOW) of the Mumbai Police and the CBI.
According to CBI officials, EXIM Bank submitted a letter on Tuesday, seeking criminal action against Parekh Alumninex and its directors over non-payment of dues to the tune of ₹80.93 crore and fraudulent tactics regarding the loan transaction.
“The fraud is alleged to have occurred between April 1, 2012, and March 31, 2013, as per the final audit report submitted by Deloitte Touche Tohmatsu India Pvt Ltd, which was received by the bank on September 6, 2016,” a CBI officer said.
The bank has alleged that while Parekh Aluminex sought loans purportedly as working capital and supposedly to procure raw materials from a consortium of banks, which was headed by the Indian Overseas Bank, the funds were later found to be used for other purposes, including investment in real estate.
“The bank has alleged that while an initial loan of $2 million was repaid in line with the terms, the company began defaulting on repayment of subsequent loans. After several reminders, the bank even extended a Corporate Debt Restructuring option to the firm, despite which the firm failed to clear its outstanding dues,” the officer said.
On Wednesday, the CBI registered a case of cheating and criminal conspiracy against the firm and its directors under the Indian Penal Code.
CBI officials said at least six other banks have already registered similar complaints with either the CBI or the Mumbai EOW. According to inquiries so far, the firm has an outstanding debt of ₹2,545 crore, which was borrowed from various banks and financial institutions.