CBI registers case in another bank fraud of Rs 515.15 crore

Another multi-crore banking fraud is out in open with the CBI registering a case in connection a Kolkata based laptop and desktop makers playing truant with a consortium of banks over repaying Rs 515.15 crore.

This is at least the fifth multi-crore of bank loan fraud case registered by the CBI in the past one month after the case involving diamontaire Nirav Modi in which around Rs 12,717 crore is defrauded. Rotomac promoters, a Delhi-based diamond trader and sugar company promoters are also named in similar cases in the past one month.

The FIR was registered on the basis of a complaint filed by Canara Bank on behalf of consortium of ten banks on Tuesday that M/s R P Info Systems and its top management -- Directors Shivaji Panja, Kaustav Roy and Vinay Bafna and Vice President Debnath Pal -- caused "wrongful loss" to the consortium of banks of Rs 515.15 crore.

Besides Canara Bank, the consortium includes State Bank of India, State Bank of Patiala, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Federal Bank, Oriental Bank of Commerce, Central Bank of India and Punjab National Bank.

The RP Info Systems, based in Lalbazar Street in Kolkata, is into manufacturing and trading of desktops and laptops under the brand 'Chirag' and servicing computers, networking, integration and other hardware related products in different parts of the country.

According to the complaint filed by Canara Bank, the company had availed bank finance/funds by submitting "fabricated debtors/receivables/inflated stock statements".

The FIR said the fraud was "committed through the borrowal accounts of M/s RP Info Systems Ltd in criminal conspiracy with unknown bank officials" of the consortium. The Letters of Credit (LC) opened by different banks of the consortium on the applications of the firm "started devolving from 2012 onwards due to non-maintenance of funds".

It said the firm "dishonestly and fraudulently" did not route the sale proceeds through the loan account and syphoned off the entire amount" besides inflating its receivables.

Debtors like Gail India, Vincent Electronics (Rourkela) and CEAT Ltd had informed State Bank of India that they had no dealing with RP Info Systems.