ED attaches property worth Rs 1,122 cr of Vadodara-based DPIL firm
New Delhi, April 24 : The Enforcement Directorate (ED) on Tuesday attached property worth Rs 1,122 crore belonging to Vadodara-based DPIL firm in connection with a Rs 2,654.40 crore bank fraud case.
The ED has also attached some belongings of promoter-directors of the Diamond Power Infrastructure Pvt. Ltd. -- Suresh Narain Bhatnagar, his two sons Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar under Prevention of Money Laundering Act (PMLA).
The DPIL, which deals in cables and other electrical equipment, is alleged to have availed credit facilities fraudulantly since 2008, leaving behind a total outstanding debt of Rs 2,654.40 crore as of June 29, 2016 sanctioned by a consortium of banks and private organisation.
The Central Bureau of Investigation (CBI), which is also probing corruption charges in the case, had on April 18 arrested the three from Udaipur in Rajasthan nearly 23 days after it filed an FIR against them.
The ED is probing financial irregularities under money laundering case it has filed based on the CBI FIR.
On April 9, the ED had also conducted raids at the corporate office, factory premises and the residences of the directors of DPIL.
The CBI had on March 26, filed a case against DPIL and its directors for defrauding the consortium of 11 banks. The loan availed by them was declared a non-performing asset (NPA) in 2016-17.
The company managed to get term loans and credit facilities though it figured in the Reserve Bank of India's list of defaulters and the caution list of Export Credit Guarantee Corp of India (ECGCI) at the time of initial sanction of credit limits by the consortium.
Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59 crore) and IFCI (58.53 crore).
The CBI FIR said DPIL, through its founder and directors associated in the criminal conspiracy with unidentified bank officials of various banks, cheated those banks by way of misappropriating public funds through falsification of accounts, creation of false documents, forgery of records and knowingly used such records as genuine.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bihar govt to constitute 100 fast-track courts to expedite disposal of criminal cases: Home min
Patna (PTI): Bihar Home Minister Samrat Choudhary on Sunday announced that the state government will establish 100 fast-track courts (FTCs) to ensure the swift disposal of pending cases.
He said that the move also aims to ease the burden on regular courts for them to accord due attention to sensitive cases.
Choudhary said the decision in this regard has been made considering that over 18 lakh cases are pending before different courts in the state.
The constitution of FTCs will "bring in a big relief" to the judicial system and litigants, he said.
"To operationalise 100 FTCs across 38 districts and sub-divisions, the government will undertake large-scale recruitment," the home minister asserted in a statement.
He said that a total of 900 posts, including those of bench clerks, office clerks, stenographers, deposition writers, data entry operators, drivers, process servers and peons, will be filled.
Choudhary also announced that 79 courts will be designated as 'act courts' to fast-track cases related to the Arms Act. Swift resolution of such serious cases, he said, will strengthen law and order in the state.
The minister said that Patna alone will get eight fast-track courts, while four courts each will be set up in Gaya, Muzaffarpur, Darbhanga and Bhagalpur. Three FTCs each are planned for Nalanda (Bihar Sharif), Rohtas (Sasaram), Saran (Chhapra), Begusarai, Vaishali (Hajipur), East Champaran (Motihari), Samastipur and Madhubani.
Similarly, two courts each will be established in West Champaran (Bettiah), Saharsa, Purnea, Munger, Nawada, Jehanabad, Arwal, Aurangabad, Kaimur (Bhabhua), Buxar, Bhojpur (Arrah), Sitamarhi, Sheohar, Siwan, Gopalganj, Supaul, Madhepura, Araria, Kishanganj, Katihar, Banka, Jamui, Sheikhpura, Lakhisarai and Khagaria. One FTC each is also proposed for the sub-divisional courts of Naugachia and Bagaha.
