Near Dharampal Iron & Steel Pvt.Mithakhali. Ltd. has lodged a complaint with Bank of Baroda in Delhi CBI that Rs 63.44 crore has been exchanged. Dharampal Iron & Steel Pvt. Ltd. as accused in the CBI complaint. Ltd., the company’s directors Varun Vijay Gupta, Divya Vivek Gupta, unidentified employees and bank officials have been shown. It is noteworthy that in December 2020, M/s Steel Connect (India) Pvt. Ltd. (MIS SKIPL), Varun Vijay Gupta, Vivek Vijay Gupta and others filed a complaint with the CBI for fraud of Rs 100 crore. It is worth mentioning that in the year 2016, Dharmapal Iron & Steel Pvt. Ltd.’s account was NPA, Bank of Baroda filed a written complaint in 2021 and CBI took a year to register the case.
Bank Of Baroda ASI Near Ahmedabad Law Garden. The General Manager has mentioned in a letter to CBI that Dharampal Iron and Steel Pvt. Ltd and its directors Varun Vijay Gupta, Divya Vivek Gupta got Andhra Bank (now Union Bank of India) loan in 2011. The account became NPA in the year 2016 due to non-payment of loan amount. After this the bank filed a written complaint in the CBI in the year 2021.
Based on which CBI Dharampal Iron & Steel Pvt. Ltd. and its directors have registered a fraud case of Rs 63.44 crore and are investigating.
92 crores were diverted in 100 crore loans
The account became NPA on 29th December 2016. However, it was reported to the Reserve Bank of India as a fraud only in September 2019. A forensic audit of the loan account revealed diversion of funds allegedly to the tune of Rs 92 crore in various institutions. Some of them have been identified as Dharampal Iron and Steel Pvt Ltd, Jagat Infra Project, Anupam Industries Ltd, Bishweshwarlal Steel, Chhapaiya Trading Company, D.M. Trading Company Avanti Trading Co., Dev Steel Traders and Vraj Traders. The company showed a net loss of Rs 47.32 crore in its books as on March 2017.
According to records, he sold products to several companies, but paid them heavily, raising suspicions that the money was used. stn Suspicious transactions were also detected with entities like Agro Industries, Shree Sai Industries Pvt Ltd, Shubhmangal Exim P. Shubhmangal Infracon Pvt Ltd. In one case, the company Global Automac Solutions P. Ltd paid Rs 16.17 crore to buy machinery, but reportedly received equipment only worth Rs 8.09 crore.