Central bureau of india, Government agency

New Delhi, June 16 The Central Bureau of Investigation (CBI) said on Thursday that it has filed a charge sheet against a Delhi-based soft toy manufacturing company and others, including its promoters and directors, for defrauding a consortium of 12 banks led by the Punjab National Bank (PNB) to the tune of Rs 2,040.63 crore."We have charge sheeted Delhi-based company Hanung Toys and Textiles Ltd, including its promoters and directors Ashok Kumar Bansal, Anju Bansal, Associate persons Rishu Agarwal, Manoj Kumar Garg and Kali Kant Jha, Statutory Auditor Piyush Jain and company's Secretary Arvind Kumar Gupta under various sections of the IPC," a CBI official said.The official added that a case was registered on September 25, 2020, against the private firm and others on the allegations of causing losses to the tune of Rs 2040.63 crore to the consortium of 12 banks led by PNB.It was alleged that Hanung Toys and Textiles Ltd was engaged in manufacturing and export of stuffed toys, home furnishing items, dyeing and bleaching, and processing of fabrics.The CBI during investigation came to know that the accused allegedly manipulated the books of accounts by suppressing the actual derivative loss and made false financial statements across the years from 2008-2013 in order to present the inflated financial worth of the company for the purpose of obtaining various credit facilities from the banks.It was further alleged that the quantum of suppressed derivative loss were malafidely and incorrectly reflected as non-existent debtors as well as stock in its books of accounts, thereby resulting in excess borrowing of Rs 478.35 crore from the consortium of banks."The borrower company had inflated its turnover by entering into non-genuine transactions with certain parties. These trades were allegedly done in circular transactions amounting to Rs 560 crore in order to siphon money from the banks and diverted the funds for personal gains of the directors and promoters of the said company," said the CBI official.Further investigation on the role of others in the matter is underway.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Central Bureau Of IndiaFOLLOW

Central bureau of india, Latest News

New Delhi, June 20 The Central Bureau of Investigation (CBI) on Monday said that it has filed a ... ...

New Delhi, June 20 The Central Bureau of Investigation (CBI) is conducting raids at the office of the ... ...

Kolkata, June 20 The Central Bureau of Investigation (CBI) team probing the coal and cattle smuggling cases in ... ...

New Delhi, June 17 The Central Bureau of Investigation (CBI) on Friday said that it has filed a ... ...

Kolkata, June 17 The Central Bureau of Investigation (CBI) on Friday afternoon submitted to the Calcutta High Court ... ...

Kolkata, June 17 The CBI on Friday raided the residence of a Kolkata-based businessman in connection with the ... ...

New Delhi, June 17 The Central Bureau of Investigation (CBI) on Friday raided multiple locations in Rajasthan in ... ...

New Delhi, June 16 The Central Bureau of Investigation (CBI) said on Thursday that it has filed a ... ...