CBI Charged Mumbai based firm for Bank Fraud of Rs.30 Crore; Searches Carried Out

CBI Charged Mumbai based firm for Bank Fraud of Rs.30 Crore; Searches Carried Out

According to officials acquainted with the situation, the Central Bureau of Investigation (CBI) filed a case against a Mumbai-based real estate firm for allegedly defrauding the Punjab National Bank (PNB) of Rs 30.13 crore.

They said the searches were carried out at the Mumbai offices of founders Ishaq Yusuf Balwa and Javardhan Vinod Goenka, as well as Pune Buildtech Private Limited, formerly known as Dynamix Balwas Resorts Private Limited.

The central agency stated in a first information report (FIR) submitted on June 17 that Pune Buildtech Pvt Ltd, based at DB House in Mumbai’s Goregaon (East), had obtained a term loan of Rs 30.13 crore from PNB in ​​2013 through its directors — Ishaq Yusuf Balwa and Javardhan Vinod Goenka.

The new case concerns Pune Buildtech Private Limited, which was founded in 1997 with the goal of developing five-star hotels and resorts. Punjab National Bank stated in their complaint, which is now part of the FIR, that the company is a wholly-owned subsidiary of DB Hospitality Pvt. Ltd., which is promoted by the Balwas Group and the Dynamix Group.

It planned to build a five-star hotel in Yerwada, Pune, with PNB (Rs 102 crore) and Allahabad Bank (now Indian Bank) financing (Rs 102 crore).

PNB had distributed Rs.30.50 crore until 2011, after which it ceased to do so.

“Following that, the project was delayed due to a delay in receiving approval from the Pune Municipal Corporation, as well as the fact that the company’s promoters were reportedly involved in a 2G spectrum issue. The bank halted any further disbursements. Since 2011, there have been no construction projects underway”According to the bank,

Balwa and Vinod Goenka’s lawyer, Vijay Aggarwal, disputed the CBI’s claims. “In March 2022, much before the bank filed a complaint, 20 crore out of 30 crore were already deposited for settlement in the PNB loan account.” Negotiations with the bank dragged on for a long period. The Central Bureau of Investigation has not filed a preliminary inquiry (which is required before filing a formal complaint), as required by its handbook. There is no evidence in the case that any inducement, siphoning, or wrong gratification occurred. The case has nothing to do with DB Realty Ltd, Vinod Goenka, or Shahid Balwa.”

Further Investigation Going On.

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