Following an FIR, the agency conducted searches at nine locations, including residential and office premises of the accused in Mumbai and Kolhapur
Representational Image. PTI
The Central Bureau of Investigation (CBI) has registered an FIR against Trimax IT Infrastructure and Services Limited (TIISL) and its directors for allegedly cheating the State Bank of India-led consortium to the tune of over Rs 862.06 crore between 2009 and 2017.
The agency has also named TIISL managing director Surya Prakash Madrecha and director Chandra Prakash Madrecha as accused in the FIR, as per officials. Following the FIR, the agency conducted searches at nine locations, including residential and office premises of the accused at Mumbai and Kolhapur, CBI spokesperson RC Joshi said.
“It was alleged that during the period 2009-2017, the accused were sanctioned credit facilities under consortium banking which were enhanced from time to time,” he said.
Joshi said the directors of the private company, allegedly acting in conspiracy with others, “manipulated the books of accounts and diverted the funds” released by banks and thereby, cheated seven consortium member banks, including State Bank of India, to the tune of Rs 862.06 crore.
Consortium banking
Under consortium banking or financing, several banks or financial institutions finance funds to a single borrower or project which is too large to be financed by a single bank or institution. All members in a consortium bank have equal ownership and no one bank has a controlling interest.
With input from agencies
