CBI registers case against private firm which cheated banks. CBI registers case against private firm that cheated banks

digital desk, New Delhi. The Central Bureau of Investigation (CBI) has registered an FIR against Rama Krishna Knitters Pvt Ltd (RKKPL) for allegedly defrauding four banks to the tune of Rs 161.91 crore.

RKKPL’s products were well-known in the international market and was recognized as an export trading house by the Directorate General of Foreign Trade. Two persons – Shalu Gupta and Narinder Chugh – have been named as accused in the FIR.

According to the information received, CBI had received a complaint from Punjab National Bank (PNB) in this regard that this firm has cheated four banks by availing loan facility of Rs 161.91 crore.

The alleged loan fraud was committed by the firm during the period August 2010 and March 2016.

Rama Krishna Knitters firm came into existence in 2007 and the company had units in Ludhiana and Preet Vihar. The main function of the firm was the manufacture of woven readymade garments. Its production capacity was 50,000 to 60,000 pieces per day.

RKKPL used to export goods from USA, UAE, Armenia, Tajikistan and few other countries.

The FIR registered by the CBI states that the status of the firm was later upgraded to an export trading house and thereafter the directors of the company approached PNB with a request for loan.

He told the bank that he needed a loan to expand his business. Later, a consortium of four banks sanctioned a loan to this firm. In the year 2014, the Managing Director of the firm passed away and a new Managing Director was subsequently appointed. Thereafter the consortium of banks agreed to restructure the credit facilities.

But the firm and the newly appointed managing director violated the terms of the loan and finally in 2016 the banks declared the firm’s account as NPA. Banks found various financial irregularities in financial transactions.

Several financial irregularities were revealed in the forensic investigation. The firm had allegedly transferred large sums of money in several accounts for non-business purposes and all these transactions were done before 2013.

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During the financial analysis of the firm’s account, the banks were surprised to find that the firm had received around Rs 38.71 crore from various persons, but had not bought anything from the firm.

This was basically done to enhance the outstanding receivables position to ensure higher cash withdrawal facility. After registering the case, the CBI has formed a team of officers to investigate the matter.


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