The chargesheets were filed at the CBI special court in Mumbai on December 12 and December 13. The six cases against Zoom Developers Private Limited, its director Vijay M. Choudhary, Sharad Tikham Das Kabra, Shailesh Thakkar, Ramesh D. Ajmera and Sovan Dasgupta were registered between March 31, 2016 and October 21, 2016.
Choudhary-controlled Zoom Developers has caused wrongful loss to six banks Andhra Bank, Vijaya Bank, State Bank of Hyderabad, Allahabad Bank, Corporation Bank Aand Oriental Bank of India to the tune of Rs 588.16 crore.
The CBI stated that initially the company was in banking arrangements with multiple banks wherein all the lenders, mainly public sector banks, assessed the bank guarantee limits separately.
"The said arrangement was changed to a consortium in 2004 with Punjab National Bank appointed as the lead banker," the chargesheet said.
After this, the company enjoyed a non-fund based bank guarantee limits from 26 banks and Rs 2,510 crore was sanctioned by the banks to Zoom Developers.
The sanctioned limits were invoked, funds were siphoned off for the purpose other than for which they were sanctioned and the amount was never paid back. The company did not complete the projects following which foreign banks invoked bank guarantees from Indian banks.
When the bank guarantees started getting invoked, the banks approached the CBI and cases were registered.
( With inputs from IANS )