The CBI on December 4 carried out searches at three locations here after booking Jay Polychem Ltd in a Rs 1,800-crore alleged bank fraud in the State Bank of India, officials said.
The company is engaged in the import and trade of industrial chemicals and its account was not satisfactory, the bank alleged. It said the company forayed into different businesses, including oil exploration.
The bank alleged that the account had minimal transactions and was running irregularly since May 2014 due to continuous instances of Letters of Credit (LC) devolvement of all banks in the account.
It turned non-performing assets in August 2014 due to sustained irregularity for over 90 days, it said.
The agency has received a complaint from the SBI against the Lajpat Nagar-based company and its promoters and directors for causing a loss of Rs 1,800.72 crore to a consortium led by the bank, they said.
According to PTI, a forensic audit by Ernst and Young showed alleged diversion and syphoning off of bank funds, fictitious transactions, forgery, etc resulting in the FIR, they said. It showed that the company indulged in business dealings with companies appearing to be potentially suspicious, the bank alleged, adding that LCs worth ₹453.59 crore were issued to these companies.
The bank also alleged that the financial statements of the company showed that the Capital Work In Progress (CWIP) increased to over ₹408 crore in 2015 towards exploration and assessment of oil block under NELP VIII.
The data from the Directorate General of Hydrocarbons showed the cost incurred by the company for two oil wells to be around ₹15.35 crore. The bank alleged that ₹392 crore was diverted by the company.
“Searches are being conducted today at three locations in Delhi at the office and residential premises of borrower company and other accused,” CBI spokesperson R K Gaur said.
The CBI has booked the company, its managing director Satinder Singh Dhingra, director Sandeep Singh Madhok, another company, Jaspark Speciality Chemicals Ltd, and unidentified others, PTI reported.
Look-out circulars have been opened against Satinder Pal Madhok, Sandeep Madhok, Prakash Kaur, Harneet Kaur, and Sumohita Kaur, the bank said in its complaint, which is now part of the FIR.
