New Delhi, Sep 18: The CBI has reportedly filed charges against Mumbai-based Unity Infraprojects Ltd, its then CMD Kishore Krishnarao Avarsekar and others for allegedly cheating a group of banks out of a total of Rs 3,847.58 crore, officials said on Monday.
The SBI, one of the consortium members, filed a complaint, which prompted CBI to act, alleging that fraud had occurred at its Commercial Branch in Mumbai, where the accused had stolen the “Bank’s funds by doing fictitious transactions, manipulated and fudged books of accounts with an objective to defraud and cheat the bank and to gain unlawfully at the cost of the Banks’ funds”.
The account of the 44-year-old infrastructure company, which had borrowed Rs 3,800 crore from 23 lenders on movable and non-movable assets as well as personal and corporate guarantees, was declared a non-performing asset on June 24, 2014. After forensic audit revealed inconsistencies five years later, it was deemed a fraud.
The bank said that a forensic audit performed by BDO India LLP, which turned in its report on September 25, 2019, revealed the fraud. Incorrect adjustment entries that were passed to allow fictitious accounting entries that were used to deceive the bank by falsifying the data, fraudulent transactions and the diversion of funds through non-consortium accounts were among the findings of the report.
Additionally, it made reference to unexplained overpayments made with the goal to steal bank funds and related party transactions made with the intention of rerouting borrowed money.