CBI files charge-sheet against ex-Director of private telecom co, others for cheating banks

CBI files charge-sheet against ex-Director of private telecom co, others for cheating banks


CBI files charge-sheet against ex-Director of private telecom co, others for cheating banks


New Delhi:  The Central Bureau of Investigation has filed a charge-sheet against former Director of a private telecom company, bank officials and others for allegedly cheating banks of crores. A charge-sheet was filed before the Special Judge, Mumbai against S Kakkad, then Director of Ahmedabad/ Mumbai based Click Telecom Pvt Ltd and the said company, then Regional Head of Ahembdabad's SBI Kaushik Bagchi, former DGM, IFB, SBI, Baroda Rajeev Sadashiv Dahat and others on the allegations of causing huge loss to banks, the CBI said in a statement here today. The Investigation Agency said it had registered a case on a complaint received from a consortium of banks under Section 120-B, 420, 467, 468, 471 of Indian Penal Code against Kakkad on the allegations of committing a fraud on SBI, Vijaya Bank and Canara Bank and thereby causing a loss of around Rs 126.40-crore to the banks. The said private telecom company was allegedly sanctioned several credit facilities which include Cash Credit, Term Loan and Non Fund Based Limits (LCs) to the tune of around Rs 126-crore. It was further alleged that this company had won the bid for launching of BSNL Voice and Video over Broad Band project in the Southern and Eastern Zones of the country and Kakkad inflated the project costs to obtain huge funds from the banks, it stated. The CBI said it was also alleged that no machinery was actually supplied and Letters of Credit were opened favouring associate companies. These LCs were discounted and funds siphoned off. The Investigation Agency said it had arrested the then Director of the private telecom company on May 12, during investigation of the case.

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