The Central Bureau of Investigation (CBI) has registered a new case against Mumbai-based Topworth Steel
Power Pvt Ltd, its promoters Surendra Lodha and Abhay Lodha, and unidentified public servants for alleged loan fraud of Rs 63.10 crore. The agency said the alleged fraud took place between 2014 and 2016.
“It was alleged that the accused entered into a conspiracy to defraud IDBI Bank and under various credit facilities like credit/trade credit bank guarantee, bank guarantee and cash credit limit obtained under consortium of banks. Due to persistent irregularities, the borrower company’s account was classified as a non-performing asset (NPA), causing an alleged loss of Rs 63.10 crore to IDBI Bank.
The probe agency on Monday conducted searches at nine locations linked to the promoters in Mumbai, Nagpur and Chhattisgarh.
This is not the first time that Topworth and his directors have come under the scanner of the CBI. Earlier, the CBI had registered six FIRs against Topworth group companies and their promoters.
The group owes Rs 4,392 crore to banks and has been going through insolvency proceedings since 2019.
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