Money & Banking

UP police files FIR against SREI promoters, directors

Our Bureau | | | Updated on: Nov 29, 2021
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Case relates to alleged bank fraud

The Uttar Pradesh police has registered a first information report (FIR) against crisis-ridden SREI Group’s promoters and directors of its certain companies for an alleged bank fraud. The FIR was registered at a police station at Kautwali Jaunpur, Uttar Pradesh on the basis of a complaint filed by one Bhupendra Nath.

The Jaunpur police station has now forwarded the matter to the Economic Offences Wing (EOW).

The Jaunpur Police has, in the FIR, named 22 directors and promoters of SREI Group under U/S-420/ 467/ 468/ 471/ 474/ 476/ 323/ 504/ 506/ 511 R/w-120-B of Indian Penal Code.

When contacted, brothers Hemant Kanoria and Sunil Kanoria, former promoters of SREI Infrastructure Finance, said they were not aware of any such FIR.

It maybe recalled that the Reserve Bank of India had, on October 4, superseded the board of SREI Infrastructure Finance Ltd (SIFL) and SREI Equipment Finance Limited, owing to governance concerns and defaults by the the two companies in meeting their various payment obligations. Rajneesh Sharma, Ex- Chief General Manager of Bank of Baroda, was appointed as Administrator of these companies.

FIR COMPLAINT

The FIR has been registered upon the complaint of one Bhupendra Nath who went to Srei-run Jan Suvidha Kendra for some work, and there he was allegedly duped by the employees of Srei. Bhupendra Nath found that many alleged criminal activities were being carried out at the Jan Suvidha Kendra, including bank fraud of more than ₹16,000 crore. He also reported the fact that at the Jan Suvidha Kendras, money was charged at the whims and fancies of the employees and the amount varied from ₹1,000 to ₹2,5000 for the works which are either free or for which a very nominal fee of not more than ₹100 is charged.

Initially, he filed the police complaint and seeing no effective action he approached the court with 4,000-5,000 pages documentary evidence; upon which the Chief Judicial Magistrate ordered the registration of FIR against the accused persons. The 29-pages of the FIR covers detailed methodology as to how the Jan Suvidha Kendras are run and also how the alleged bank fraud to the tune of ₹16,000 crore was perpetrated through such Kendras.

Published on November 30, 2021

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