Bhubaneswar: The Central Bureau of Investigation (CBI) Friday launched a probe into the alleged Rs 5,717-crore bank fraud by Chhattisgarh-based SKS Power Generation Limited and carried out searches at 14 locations in five states, including Odisha, in connection with the ‘scam’.
Following the Allahabad High Court’s order, the CBI took over the investigation of the case (115/2021) registered with the Zafrabad police of Jaunpur in Uttar Pradesh. The central agency conducted searches at Mumbai, Kolkata, Raipur, Bhubaneswar and Trichy, and has claimed to have seized incriminating documents and materials.
In the case registered under multiple Sections of the IPC including 420, 467, 468, 471, 474, 476, 506 and 507 against 28 persons, the CBI claimed that SKS Power Generation Limited, promoted by SKS Ispat and Power Limited (SKSIPL) that was engaged in the business of generation and distribution of electricity, had availed Rs 6,170 crore loan from State Bank of India (SBI), L&T Infrastructure Finance Limited, PTC India Finance Limited, and State Bank of Bikaner and Jaipur. “The company didn’t pay the instalments, resulting in the default of Rs 5,717 crore. The financial institutions auctioned the defaulted loan which was settled at Rs 2,000 crore in favour of Entwickeln India Energy Private Limited,” the central investigating agency said. It was found that Entwickeln India Energy Private Limited was registered at the same address as SKS Power Generation Limited. The two companies had merged in 2019 allegedly indicating unauthorised actions, the CBI said. The FIR has alleged that under a criminal conspiracy, the accused wilfully diverted and round-tripped bank funds through bogus share transactions using shell companies with ‘mala fide intention’ to enrich themselves.
A significant loan amount was transferred to British Virgin Islands and British Overseas Territories of Bermuda through fictitious companies, the FIR has alleged. The CBI has booked 28 persons including SKS Power Generation (Chhattisgarh) Limited Anil Mahabir Gupta, SKS Ispat and Power Limited (Mumbai) Director Anish Anil Gupta, Shree Krishna Structures Private Limited (Raipur) Director Premlata Gupta, Chartered Accountant Pritam Beria, SBI Chief Manager Rohit Parashar and the Branch Manager of SBI Civil Lines, Jaunpur.