Hyderabad: The CBI has booked a Hyderabad- based retail company for allegedly cheating the State Bank of India to the tune of nearly Rs 134 crore by availing various credit facilities on the basis of forged documents between 2007 and 2014, officials said here today.
In its FIR, the agency has alleged that PCH Retail represented by its directors Balvinder Singh and Baljit Kaur had availed credit facilities to the tune of Rs 133.95 crore during the seven year period using false financial statements and documents.
The directors of PCH retail entered in criminal conspiracy with chartered accountant Bhavesh R Vithlani, a chartered accountant and Taran Jyot Singh, Director Versant Home Appliances Pvt Ltd (both named in the FIR as accused) and unidentified bank officials of the SBI and cheated the bank, the FIR alleged.
The CBI has alleged that the accused diverted the credit facilities availed by them to fictitious companies floated by them and others and siphoned off bank’s funds.
“It was further revealed that out of the loan amount Rs 2.76 crore was fraudulently transferred to Versant Home Appliances Pvt Ltd for the purchase of immovable property which was subsequently transferred to the daughter of Balvinder Singh,” it alleged.
It said that the account was declared a non performing asset on September 28, 2013.
Alleging that a wrongful loss of Rs 133.95 crore was caused to the bank, the CBI booked the accused for criminal conspiracy, cheating, forgery and criminal misconduct by public servant and abuse of official position.