The Central Bureau of Investigation (CBI) has registered a case against a city-based IT company on the charge of cheating the State Bank of India (SBI) to the tune of ₹77.14 crore.
The CBI’s Economic Offences Wing has booked M/s Gemini Communication Ltd., a company engaged in the business of system integration and providing networking and communication solutions.
Its promoters, R. Vijay Kumar and R. Ram Kumar, executed security documents in favour of SBI and availed themselves of a loan of ₹69.5 crore.
Owing to the non-payment of dues by the borrowers, the account was declared a non-performing asset on December 7, 2012. It came to light in a forensic audit report that the borrowers had availed themselves of/renewed/enhanced credit facilities by submitting false/manipulated financial statements (balance-sheets). They also diverted funds during the period of asset resolution process without the knowledge of the resolution professional and during the liquidation period without informing the liquidator.
A case under Section 120(B) (criminal conspiracy), 420 (cheating) and other provisions of the Prevention of Corruption Act has been registered against the promoters and other unknown public servants/private persons, the CBI said in the First Information Report.