The Central Bureau of Investigation (CBI) has recently registered a case of cheating and criminal conspiracy against a leading rice milling company Usher Agro Limited and others for allegedly duping consortium of banks, including IDBI Bank Ltd to the tune of Rs 915 crore.
The CBI has registered a case under Indian Penal Code section - 120 B (criminal conspiracy, 420 (cheating), 468 (forgery for the purpose of cheating) and 471 (using forged documents as genuine) against Usher Agro Limited, its directors and unknown persons.
According to a written complaint filed with CBI by NR Samal, General Manager of IDBI Bank Ltd, M/s Usher Agro Ltd has its office at Laxmi Industrial Estate in Andheri (W). The company processes raw white rice, par-boiled rice and steam rice of different grades.
"The company was sanctioned working capital and Term Loan facility by a consortium of banks, including IDBI Bank Ltd. The bank has alleged that the company has overstated the position of stocks and debtors during FY 2015-16 for availing working capital limits from the banks," said a CBI official.
"The bank has further alleged that mismatch was noticed in vehicle/lorry details in 1016 invoices out of total 9308 purchase invoices raised by several suppliers during 2013-16 and thereby the banks have been deceived. The company had routed sales realisation through accounts maintained with various banks outside consortium during 2013-17 to cheat the lending banks. The company has squared off the substantial value of unrelated debtors/creditors by creating separate set off/pull accounts by manipulating the books of accounts," the official said.
"It is alleged that company's directors have shown sales and purchases during 2013-16 confined mainly with 20-25 buyers and suppliers and also squared off a substantial amount of outstanding debtors with purchases under two-way trade transactions with same entities without obtaining confirmations from any of these entities to deceive the lenders. The Directors of the company had siphoned off the sale proceeds and funds obtained from the banks through deception and thereby cheated IDBI Bank Ltd and other lending banks to the tune of Rs 915 crore," said the official.