Key Points
The Central Bureau of Investigation has registered two separate cases against Mumbai-based Varun Industries Ltd for allegedly defrauding two public sector banks for an amount to the tune of Rs 388.17 crore...
In the first case CBI received a complaint against VIL for defrauding the Central Bank of India to the tune of Rs 269.29 crore..
The allegations in the complaint revealed that the accused company had availed various credit facilities from the Central Bank of India in a consortium led by Indian Bank, with a total sanctioned working capital-term loan limit of Rs 292.15 crore in September 2011...
The complaint further revealed that the accused company had availed Packing Credit Limit (PCL) facilities for export of steel and kitchenware items but It was revealed that at least on three occasions the beneficiaries of PCL were not dealing with the steel and kitchenware items..
It is also pointed out in the complaint that the accused company was mainly dealing with two companies in Dubai, namely Al Rad International Trading and White Impex General Trading LLC, and most of the sale turnover was with them only...
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