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In a latest development in the Central Bureau of Investigation (CBI) probe against the promoters of Vadodara-based Diamond Power Infrastructure Ltd (DPIL) in an alleged fraud case, the charge-sheet filed by the investigative agency reportedly remained silent on the alleged fraud that was mentioned in its earlier First Information Report (FIR).
The counsel representing the Bhatnagar family or promoters in the case, Akshat Khare informed that the 42-page CBI charge-sheet that came out in public domain for the first time, doesn't mention anything on the alleged Rs 2,654-crore fraud, but it only mentions unauthorised transactions of Rs 32 crore in the sister concerns or associate companies of DPIL.
Counsel denies charges
In a petition filed before the Debt Recovery Tribunal – II of Ahmedabad, Khare pointed out that out of 14 charges mentioned in the FIR, nine were dropped from the charge-sheet because they did not have any merit.
The CBI, in its FIR dated March 26, 2018 had alleged Rs. 2,654-crore fraud by DPIL by submitting false stock statements to the lead Bank and also acting in connivance with officials from various banks to obtain enhancement in credit facilities despite failing to achieve the inflated figures of sales estimates.
"The total loan availed by DPIL from banks was Rs. 1,605 crore. So fraud of Rs. 2,654 crores is out of the question," Khare said, alleging that baseless charges were included in the FIR to sensationalize the case.
Khare also denied the charge of unauthorized transactions of Rs. 32 crores.
The lawyer also stated that the CBI charge-sheet has no mention of "fraud" or "diversion" anywhere. "In spite of 18 months of investigation by various agencies, not a single rupee was found to be diverted into the bank accounts of any Bhatnagar family member or the company,” he said.
Khare alleged "hastiness" in the judicial process to falsely hold the Bhatnagar family guilty of the alleged fraud, "which didn't exist." The family is out on a bail from a judicial custody with their attached properties released.
"Diamond Power was making losses for the last 24 quarters i.e. 6 years and it’s a classic case of large corporate getting into distress for its over-dependence on government business and apathy and uncoordinated approach of banking systems," Khare said.
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