Namaskar, Welcome to DNN Voice of Nation, Breaking News, Jagmohan Garg arrested by CBI for cheating banks.
The CBI has arrested Jag Mohan Garg, Chairman and Managing Director of Tirupati Infraprojects Pvt Ltd in a bank fraud case of Rs 289.15 crore.
It is alleged that the company illegally diverted the loan amount taken for a high-end hotel project in West Delhi
CBI had registered an FIR against the company on 2022.
Officials said Garg was produced before a special CBI court which remanded him in the agency’s custody till July 13.
The Central Bureau of Investigation (CBI) registered an FIR against the company on May 25, 2022, for allegedly causing a loss of ₹ 289.15 crore (as per 2014 data when the account was declared NPA) to a body of the public.
Officials said sector banks led by the Bank of India illegally misappropriated the loan amount. The other banks in the consortium are Union Bank of India, Canara Bank, Bank of Baroda, and UCO Bank.
Bank of India has alleged that the cumulative loss to the banks till December 13, 2021, has crossed Rs 979 crore due to rising dues.
The consortium of banks granted a term loan of ₹300 crores to the company between 2009 and 2014 for the construction of Hotel Radisson Blu along with commercial spaces in Paschim Vihar, New Delhi.
The bank in its complaint has alleged that the company started showing stress in 2012 and after several attempts to rescue the account, it turned into a non-performing asset (NPA) in 2014.
