Rs 244 cr bank fraud case filed against Khaitan Electricals
The Economics Offence branch of the CBI, Chennai, booked Kolkata-based Khaitan Electricals Limited, a popular brand in the market of ceiling fans and other home appliances, on charges of allegedly cheating a consortium of banks to the tune of Rs 244.92 crore.
Based on a complaint from the SBI that Khaitan Electricals Limited represented by its directors, including Sunil Krishna Khaitan, Sajjan Dabriwal and Swapan Kumar Das, had submitted forged documents to cheat lender banks, the CBI registered a case on charges of criminal conspiracy, cheating and forgery along with provisions of the Prevention of Corruption Act.
The SBI, representing the consortium of banks, said the company directors entered into a criminal conspiracy with unknown public servants and other private persons to cheat the banks by falsifying accounts and diverting funds to other-than-sanctioned purposes. The unknown public servants abused their official position and allowed the accused persons to illegally divert the funds and misappropriate the funds of the banks.
While the value of security was Rs 28.08 crore, the total loss caused to the banks was to the tune of Rs 244.92 crore, according to the CBI FIR.
The offences emerged during a forensic audit conducted by a private firm.
