The Central Bureau of Investigation (CBI) has registered a case against a city-based Parikh Fabrics Private Limited, represented by its director Nikhal B Parikh and Rita B. Parikh on the allegations that they have defaulted ₹173.76 crore loan and interest to State Bank of India.
Based on the complaint lodged by the SBI, the central agency also booked a case against unknown public servants/private persons under Sections 120 B, 420 of the Indian Penal Code and Sections 13(2), 13(1) (d) of Prevention of Corruption Act. According to CBI officials, Nikhil and Rita availed various loan facilities between December 26, 2003 and December 31, 2010 from SBI, Commercial Branch, Hyderabad, under consortium arrangement.
The bank alleged that the company had defaulted in payment of interest and instalments and the account was classified as non-performing assets (NPA) on August 30, 2011.
“The accused diverted funds and manipulated books of accounts, causing loss to the tune of ₹173.76 crore to the bank,” the officials said, adding that searches were conducted at two places in Hyderabad and one place at Chennai, including office and residential premises of the accused which led to recovery of some incriminating documents.
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