New Delhi [India], July 10 : The Central Bureau of Investigation (CBI) has arrested Chairman and Managing Director of Tirupati Infraprojects Pvt Ltd, Jag Mohan Garg, in an ongoing investigation related to a fraud case involving Rs 289.15.
The arrested accused was produced before a competent court in Delhi and was remanded police custody up to July 13.
The investigating agency CBI informed that a case was registered on May 25, 2022, against the New Delhi-based Tirupati Infraprojects Pvt. Ltd, and others, including the Chairman and Managing Director; Directors; Guarantors and public and private persons on the allegations of causing loss to the tune of Rs 289.15 crore (approx) to a consortium of banks comprising of Bank of India, Union Bank of India, Canara Bank, Bank of Baroda and UCO Bank.
It was alleged that the consortium of said Banks led by Bank of India had granted a term loan of Rs 300 crore to the borrower company between the years 2009 to 2014 for the construction of a hotel at Paschim Vihar in New Delhi along with commercial spaces.
It was further alleged that the accused had sold several commercial/retail/office spaces of the said hotel-cum-commercial building to various parties without intimating the lender banks and funds obtained from these buyers were diverted or siphoned off.
Searches were earlier conducted on May 27, 2022, at the premises of the accused which led to the recovery of several incriminating documents. During the investigation, CBI had examined several witnesses, officials of the borrower company, and bank officials.
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