CBI Registers FIR Against Unity Infraprojects, CMD For Defrauding SBI And 15 Lenders Of Rs 3,800 Crore

The First Information Report (FIR) was filed against Unity Infraprojects, it’s chairman and managing director (CMD) Kishore Avarsekar, three other directors of the company, and some public servants.

The complaint claims that the accused parties siphoned the bank’s funds by engaging in fake transactions and manipulated and fudged account books to defraud and dupe the bank to gain unlawfully by the bank’s funds.

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The Central Bureau of Investigation registered an FIR against Unity Infraprojects Ltd., along with some senior executives, and unknown public servants for allegedly defrauding the State Bank of India, along with a consortium of 15 banks for about Rs 3,847.58 crore. The First Information Report (FIR) was filed against Unity Infraprojects, it’s chairman and managing director (CMD) Kishore Avarsekar, three other directors of the company, and some public servants.

The report was registered on Thursday after the Deputy General Manager at SBI, Stressed Assets Management Branch I, Mumbai, filed a complaint in the matter. In addition to the company and it’s CMD, the FIR also names vice chairman and promoter guarantor Abhijit Avarsekar, executive director Ashish Avarsekar, whole-time director promoter Pushpa Avarsekar, and some unknown public servants, and private individuals, reported PTI.

The complaint states that credit/loan facilities, fund-based along with non-fund-based, worth nearly Rs 3,800 crore were authorised to Unity Infraprojects Limited by SBI and other consortium member banks. The complaint claims that the fraud happened at the bank’s commercial branch in Mumbai where the accused parties siphoned the bank’s funds by engaging in fake transactions and manipulated and fudged account books. This was done with an aim to defraud and dupe the bank to gain unlawfully by the bank’s funds.

The FIR further stated, “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 report added that prima facie, the complaint reveals the commission of offences of criminal conspiracy, cheating, and criminal misconduct mentioned under sections 120 B and 420 of the Indian Penal Code, and sections 13 (2), 13 (1) (d) of the Prevention of Corruption Act.