New Delhi (Aryavarth): The CBI has booked Chennai-based Surana Power and its directors for an alleged fraud of Rs 1,495 crore at IDBI and nine other financial institutions, officials said on Wednesday.
The agency acted on a complaint from IDBI bank which had an outstanding of Rs 299.75 crore, they said.
Besides IDBI, other institutions which extended loans to the company for setting up 455 MW coal power plant in Karnataka were LIC, Punjab National Bank, State Bank of Patiala (now SBI), Dena Bank, Uco Bank, IIFC (UK) Ltd, L&T Infrastructure Finance Ltd, PTC India Finance Services and Allahabad Bank.
The account was declared a non-performing asset (NPA) at different point of times by lenders between 2013 and 2015 with a total outstanding of Rs 1,726 crore for disbursement of Rs 1,495 crore, they said.
Based on a complaint from IDBI bank, the agency has booked the company and its directors — Gautham Raj Surana, Shantilal Surana, Vijay Raj Surana and Dinesh Chand Surana — under IPC sections related to criminal conspiracy, cheating and forgery besides provisions of the Prevention of Corruption Act, they said.
It is alleged that the company misappropriated loan funds and fudged account books to present a financially healthy picture before the lenders to avail funds, besides conversion of property, they said.