New Delhi: The Central Bureau of Investigation (CBI) on Tuesday registered cases over fraudulently issued letters of credit (LoC) to the tune of ₹ 136.93 crore on the basis of a complaint by the State Bank of India (SBI).
CBI filed three cases against the Topworth group of companies and its director Abhay Narendra Lodha, Mahee Marketing Pvt Ltd and its directors Gajendra Sandim and Hemant Sanghvi and Harsh Steel Trade Pvt Ltd and its director Chetan Jitendra Mehta.
It also named former officials of SBI, including then AGM (additional general manager) Thyagaraju Inamanamelluri and then deputy managers Vilas Narhar and Sadanand Girkar in its first information report (FIR).
The Topworth group denied having any information on the matter.
“It was alleged that the said private companies enjoyed bill discounting facilities against the Letters of Credit issued by State Bank of India, D.N. Road branch and P.M. Road branch, Fort, Mumbai. However, these bills were returned unpaid by the concerned banks, since it was observed that there were instances of diversion of funds and misrepresentations by the companies," the CBI said.
“The internal enquiry by the bank also revealed irregularities such as raising multiple invoices, false lorry receipts showing incorrect vehicle registration numbers and vehicles other than heavy goods transport vehicles being shown as means of transportation," it said.
The agency conducted searches across 17 places in Mumbai, Raigarh and Amravati, on Tuesday.