CBI books Unitech ex-directorsin Rs 395 cr fresh bank fraud

New Delhi: The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of Rs 395 crore, officials said.
Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra and Sanjay Chandra under the Indian Penal Code (IPC) sections dealing with criminal conspiracy and cheating and provisions of the Prevention of Corruption Act, the officials said.The accused Unitech founders are facing another CBI probe pertaining to an alleged fraud in the Canara Bank.The company was allegedly enjoying a vendor bill discounting (VBD) facility, a kind of credit, of Rs 400 crore from the IDBI bank in 2012, the officials said.
“Due to slowdown in real estate sector and pile up of inventory, the company was facing liquidity mismatch, and the payment of VBD bills was delayed,” the complaint, now a part of the FIR, said.The company agreed to pay for the liability and sought a rupee term loan of Rs 395 crore, taking over the liability of VBD, the officials said.