New Delhi: The CBI has issued Look Out Circulars (LOCs) against chairman of Bhushan Power and Steel Limited Sanjay Singhal and his wife Aarti, who is vice-chairman of the company, in connection with cheating in loans worth over Rs 2,348 crore, sources said Wednesday.
The LOCs have been issued recently to prevent any attempt by the accused to leave the country without permission from the authorities, the sources informed.
A look out circular is a letter used by authorities to keep a tab on an individual. The Immigration authorities at all airports and entry-exit points across the country will have to inform the CBI if Singhal and his wife attempt to leave the country.
The agency had April 6 carried out searches at 18 locations connected to the company after registering a case of cheating amounting to Rs 2,348 crore against Singhal and others. Raids were carried out in a number of cities, including Delhi-NCR, Chandigarh, Kolkata, Odisha, at the office and residential premises of the company, its directors and promoters and their associates in the bank fraud case.
Loans worth Rs 47,204 crore were availed from 33 banks and financial institutions from 2007 to 2014 and the company defaulted on their repayments, the CBI said.
The CBI has also already booked Sanjay, Aarti, directors Ravi Prakash Goyal, Ram Naresh Yadav, Hardev Chand Verma, Ravinder Kumar Gupta and one Ritesh Kapoor besides unidentified public servants.
The company deliberately defaulted on repayment and also claimed inadmissible credit causing a loss approximately of over Rs 2,348 crore to the banks, the CBI has alleged.