Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal of M/s Surya Vinayak Industries Ltd (SVIL), Delhi were arrested after a complaint was filed by Punjab National Bank. The accused were on Wednesday produced in the court, which sent them to 10 days of CBI remand.
Four persons, including the directors and employees of a Delhi-based perfume company, were on Tuesday arrested by the Central Bureau of Investigation (CBI) for allegedly duping a consortium of 21 banks causing them a loss of Rs 2,240 crore.
Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal of M/s Surya Vinayak Industries Ltd (SVIL), Delhi were arrested after a complaint was filed by Punjab National Bank. The accused were on Wednesday produced in the court, which sent them to 10 days of CBI remand.
Chief Metropolitan Magistrate Sumit Dass sent the four into CBI custody after the counsel appearing for the probe agency stated that the "case deals with economic crime". He also said that the accused have cheated 17 nationalised banks and four private banks for their individual benefit.
"The accused made a company and created a fictitious account to siphon money thereby committing a fraud of Rs 2,066. Also they have not co-operated in investigation in recovering the crime proceedings and hence their custody for interrogation is required by us, the counsel for the agency told.
On the contrary, Vijay Agarwal appearing for the three of the four accused stated that FIR in the case was filed on January 1, 2014 and the accused have been joining the investigation whenever required.
"My clients have been appearing for interrogation ever since the case was registered. Also in two of the cases registered against them, the chargesheet was filed without the arrest. So what is the need to arrest in this instance," said Vijay Agarwal, adding, that the Investigating Officer (IO) AK Singh had forged the time of arrest in the records.
The court while sending the accused to remand allowed bedding and home-cooked food for Sanjay Jain who was suffering from hip and harnia problems.
Shell companies
According to the CBI, the accused had allegedly used more than 100 shell companies for round tripping and diversion of bank funds in their individual accounts. The said firm also allegedly diverted Rs 376 crore out of the Working Capital Limit obtained from the banks to six wholly owned foreign subsidiaries based at Singapore, Hong Kong, Dubai, Indonesia, Ghana and China.
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