CBI books directors of Topworth Steels, conducts raids

The CBI has registered a case against a Mumbai-based Topworth Steels & Power Ltd and its directors, in connection with the allegations of a bank fraud worth Rs 63.10 crore, officials said on Monday.
The probe agency also conducted raids at nine places including Mumbai, Nagpur, and Chhattisgarh, at the premises of the accused which led to the recovery of the incriminating documents, according to an official statement.

The CBI said that it has also registered cases against the company directors, Surendra Champalal Lodha, Abhay Narendra Lodha, Ashwin Narendra Lodha, Nitin Golecha, and others in relation to the crime.

As per the probe agency, the accused were cheating IDBI Bank to the tune of nearly Rs 63.10 crore during the period 2014 to 2016.

It was alleged that the accused entered into a conspiracy with an intention to cheat IDBI Bank and committed fraud in the various credit facilities availed under consortium of banks viz, Letter of Credit/Trade Credit Bank Guarantee(LC/TCBG), Bank Guarantee & Cash Credit limits.

The account of the borrower company was classified as Non-Performing Assets(NPA) due to persistent irregularity, thereby, causing an alleged loss of Rs 63.10 crore(approx) to IDBI Bank.

The investigation is continuing, the probe agency said - IANS