In a shocking turn of events, the Central Bureau of Investigation (CBI) has filed a case against Mumbai-based private company Pratibha Industries Ltd. for alleged fraud of INR 4957.32 crores. The complaint was filed by Bank of Baroda, who had lead a consortium of 17 banks for the company's account.
Four of the company's directors/guarantors have been named in the case: Ajit Bhagwan Kulkarni, Ravi Kulkarni, Sunanda Datta Kulkarni, and Sharad Prabhakar Deshpande.
According to the complaint, the company's account was listed as a non-performing asset (NPA) in 2017. Pratibha Industries was involved in the development of infrastructure projects, including the design, engineering, and execution or construction of complex water transmission and distribution projects, water treatment plants, mass housing projects, precast design & construction, road construction, and urban infrastructure.
However, the company is alleged to have faked its sales and purchases, and a large amount of money was reportedly diverted to other subsidiaries. In light of these allegations, searches were conducted today at four locations across the city, and further investigation is ongoing.
This case serves as a stark reminder of the need for increased vigilance and stricter regulations in the financial sector. The amount involved in this fraud is staggering, and it is imperative that those found guilty are held accountable for their actions. The CBI's investigation is ongoing and it remains to be seen what the outcome will be for Pratibha Industries and its directors.
Share
Tweet
