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The Central Bureau of Investigation (CBI) has registered a case against Delhi-based firm Adigear International for allegedly duping a bank of Rs 30 crore. The firm, which deals in defence production, is accused of diverting the loan amount for other purposes.
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The CBI received a complaint from the bank in December 2022, alleging that Adigear International had taken a loan of Rs 30 crore in 2017. However, the company allegedly diverted the money to other purposes, including the purchase of assets and the repayment of other loans.
The CBI has registered a case under sections 420 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy) of the Indian Penal Code. The agency has also conducted searches at the premises of the company and its directors.
"The accused company had availed a loan of Rs 30 crore from the bank in 2017 for the purpose of defence production. However, the company allegedly diverted the loan amount for other purposes, including the purchase of assets and the repayment of other loans," the CBI said in a statement.
The CBI is further investigating the matter to ascertain the exact amount of money that has been diverted and the role of the company's directors in the alleged fraud.
This is not the first time that Adigear International has been accused of financial irregularities. In 2019, the company was accused of defaulting on a loan of Rs 10 crore from another bank.
The CBI is also investigating the role of bank officials in the alleged fraud. The agency is looking into whether the bank officials colluded with the company to divert the loan amount.
The case is being investigated by the CBI's Economic Offences Wing.
