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The agency has booked 11 people, including the company’s MD Krishna Khaitan, for allegedly falsifying account books, diversion of funds and misappropriation of letters of credit bills. The CBI has registered a case of corruption and criminal conspiracy against Khaitan Electricals and its top executives for allegedly defrauding a consortium of banks led by SBI to the tune of Rs 245 crore. The agency has booked 11 people, including the company’s MD Krishna Khaitan, for allegedly falsifying account books, diversion of funds and misappropriation of letters of credit bills.
During the 2011-2018 period, the accused “entered into a criminal conspiracy with unknown public servants and other private persons to cheat the Consortium Banks and in pursuance of the said criminal conspiracy, they submitted forged documents to the Banks as genuine, falsified the accounts and diverted the funds other than the sanctioned purpose with dishonest intention to cheat the Banks,” the CBI FIR has said.
Khaitan Electricals did not repay loans and the accounts were classified as NPAs in 2015. The total amount outstanding as on December 31, 2019 was Rs 266 crore. “The value of total security available is Rs 21.08 Crore…,” the CBI has said. ens
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