THE CENTRAL Bureau of Investigation (CBI) has registered a new case against Mumbai-based Topworth Steel and
Power Pvt Ltd, its promoters Surendra Lodha and Abhay Lodha, and officials unknown for alleged loan fraud of Rs 63.10 crore. The agency said the alleged fraud occurred between 2014 and 2016.
“It was alleged that the accused made a conspiracy to deceive IDBI Bank and committed fraud in the various credit facilities used under the consortium of banks, namely, letter of credit / bank credit guarantee commercial, bank guarantee and cash credit limits. The borrowing company account was classified as non-performing asset (NPA) due to a persistent irregularity causing an alleged loss of Rs 63.10 crore to IDBI Bank, â€CBI said in a statement.
The investigative agency carried out searches on Monday at nine locations linked to the promoters in Mumbai, Nagpur and Chhattisgarh.
This is not the first time that Topworth and its administrators have gone under the CBI scanner. In the past, the CBI has filed six FIRs against Topworth group companies and their promoters.
The group owes Rs 4,392 crore to banks and has been subject to insolvency proceedings since 2019.
