CBI FIR Against Mumbai-Based Developer For Defrauding SBI And 15 Lenders Of Rs 3,800 Crore

Mumbai, Sep 18: The CBI has registered an FIR against Mumbai-based Unity Infraprojects Limited (UIL), its chief managing director (CMD), three directors and unknown public servants for allegedly defrauding State Bank of and a consortium of 15 lenders of more than Rs 3,800 crore.
The FIR (First Information Report) was registered on Thursday based on a complaint filed by the Deputy General Manager, SBI, Stressed Assets Management Branch I.

According to the complaint, credit/loan facilities, fund-based as well as non-fund based, of approximately Rs 3,800 crore were sanctioned to Unity Infraprojects Limited by SBI and other consortium member banks.
“The said company by way of fictitious transactions undertaken by it through fraudulent LC trade model, improper adjustment entries by fudging data, diversion of funds through non-consortium accounts, diversion of funds through related parties and unexplained excess payouts, siphoned off the funds of SBI and other consortium banks and thereby cheated these banks,” the FIR stated.

The FIR names UIL, its CMD Kishore Avarsekar, vice chairman and promoter guarantor Abhijit Avarsekar, executive director Ashish Avarsekar, whole-time director promoter Pushpa Avarsekar, unknown public servants, and private persons.

Prima facie, the complaint discloses the commission of offences of criminal conspiracy, cheating and criminal misconduct under sections 120 B and 420 of the Indian Penal Code, and sections 13 (2), 13 (1) (d) of the Prevention of Corruption Act, it added.