Bhopal (Madhya Pradesh): Central Bureau of Investigation on Friday conducted searches at the residential premises of Vivek Sharma situated in Pipariya and residential premises of M/s Sandhya Prakash Limited in Bhopal, following an alleged financial fraud of Rs 3.44 crore that came to light recently.
According to an official release, a complaint was made by the general manager of Canara Bank, Bhopal, KJ Shrikanth, to the CBI against the borrowers, guarantors and other people involved in the case.
“Accused entered into a criminal conspiracy with a dishonest intention to cheat Canara Bank (erstwhile Syndicate Bank) in a matter of cash credit (CC) facilities, term loan. They cheated the bank to the tune of Rs 3.44 crore by way of siphoning off or diversion of the bank funds for their personal use in 2014-2015,” an official release stated.
“On February 24, 2022, CBI in Bhopal registered a case under Sections 120-B r/w 420 of IPC and 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988, against M/s Brownie & Sons resident of Sarvdharam Colony, Bhopal, Sunil Tibrewal, resident of Sarvadharm Housing Society in Bhopal, Vivek Sharma, resident of E-8, Bawadia Kalan, Bhopal, M/s Sandhya Prakash Limited (through its three directors) located at 16, Malviya Nagar, Sandhya Prakash Bhawan, Bhopal, and other unidentified public servant(s) and private people,” the release added.
The FIR registered in the case states that money taken on loan was misused. The loan was taken to start a pub-cum restaurant in one of the shopping malls situated in Arera Colony.
The property was purchased, but the pub-cum-restaurant never came into existence and the people siphoned off the money. It is also stated that when the bank conducted the internal investigation and found that the commercial space, which cost Rs 4.96 crore in 2014, was valued at Rs 2.58 crore in 2019.
“On Friday, when the searches were conducted at the office premises of M/s Sandhya Prakash Limited, situated opposite the residence of its director in Bhopal, it was found that the premises were sealed by the liquidator appointed by National Company Law Tribunal (NCLT), Ahmedabad. The other suspects, accused, are on the run and not available at their given address,” release stated.
