1,200-Crore Bank Fraud Case Against Delhi-Based Firm, Accused "Flee" Country

New Delhi: The central probe agency CBI has registered a case of corruption and cheating against the directors of a Delhi-based company for defrauding 12 banks to the tune of ? 1,200 crore. However, it is feared that the accused may have fled the country.

Sources said that the company`s directors were not traceable when the CBI conducted searches on Wednesday. According to sources, while the CBI is taking necessary steps to extradite the accused, the National Company Law Tribunal (NCLT) has also issued non-bailable warrants against the directors of Amira Pure Foods Pvt Ltd. A creditor had moved the NCLT for insolvency proceedings. The liquidator appointed in this case, Akash Shinghal, told reporters that the directors of this firm are "not cooperating with the proceedings and their whereabouts are unknown".

The accused have been identified as Karan A Channa, his wife Anita Diang, Aparna Puri, Rajesh Arora and Jawahar Kapoor. The consortium of 12 banks, led by the Canara Bank, had also moved the Debts Recovery Tribunal (DRT) against the accused in 2018. According to the CBI complaint, Amira Pure Foods Pvt Ltd owes ? 197 crore to Canara Bank, ? 180 crore to Bank of Baroda, ? 260 crore to the Punjab National Bank, ? 147 crore to Bank of India, ? 112 crore to the State Bank of India, ? 99 crore to Yes Bank, ? 75 crore to ICICI bank, ? 64 crore to Indian Overseas Bank, ? 47 crore to IDBI and ? 22 crore to Vijaya Bank.

The company was incorporated in 1993 and managed the export of high-quality Basmati rice, non-Basmati rice and other agro products. It started availing credit facilities from a consortium of banks from 2009. Banks` forensic audit of these accounts revealed that the company made sham transactions with shell companies to the tune of ? 734 crore. To execute these transactions, the company inflated purchases and sales through the paper entities owned and operated by those related to the directors, the complaint adds.

The complaint also notes that the company made several sham transactions in foreign currencies between 2015 and 18. Over non-payment of dues, the consortium of banks classified the accounts of Amira Pure Foods Pvt Ltd as non-performing asset (NPA) in the years 2016 and 2017. However, a complaint in this regard was only filed with the CBI this year.