The controversial corporate middleman, Pawan Bansal continues to be at centrestage of the Central Bureau of Investigation probe as two more public sector banks — UCO Bank and Bank of Maharashtra — are in trouble for their dealings with his Altius Finserv Private Limited.
The CBI has registered two preliminary enquiries against UCO Bank and Bank of Maharashtra for alleged irregularities in extension of loan facilities through Altius Finserv Private Limited.
Bansal, a chartered accountant, is currently in custody for Syndicate Bank alleged bribe for loan scandal along with suspended Bank CMD, SK Jain. The CBI has initiated the probe against the two banks after disclosure of Bansal, his phone intercepts and documents seized from his company, Altius Finserv. Interestingly, website of the company is not functional since the time of his arrest. The CBI is probing role of Bansal for allegedly bribing the officials of various public sector banks to get loans for big corporates.
Bansal allegedly uses Altius Finserv as front to collect money from various companies he helps and then passes on the money to bank officials. Bansal, as per CBI claims regularly meets bank officials to process loans proposal he prepares on behalf of of his corporate clients.
The investigators are looking into the allegations that Bansal has facilitated loans of over Rs8,000 crore from various banks to different private companies. According to sources, Bansal has managed to get loans worth more than Rs5,000 crore from UCO Bank and Bank of Maharashtra for different companies.
According to preliminary estimates and documents CBI has recovered, a few loans Bansal has facilitated from UCO Bank were Rs600 crore to Era Infra, Rs500 crore to Tayal Group, and Rs1,300 crore to Arshiya International. From Bank of Maharashtra Bansal, through Altius Finserv, has facilitated Rs200 crore to Era Infra, Rs400 crore to SEL Manufacturing and Rs200 crore to Shiv Vani Group. However, agency as of now has officially remained tight lipped about the amount of loans Bansal facilitated.
The scope of investigation is likely to widen as CBI would investigate Bansal's connections with other public sector banks. The agency is also probing the role of other directors of Altius Finserv, who hold positions in several other companies. The directors of Altius Finserv and their relatives, as per the financial statements of year 2013, hold 100% equity shares in the company.
Bansal himself holds managing directorship in Altius Global Finance Private Limited and directorship of BT Divine Power and Mining Corporation Limited. Earlier, he has also served as director of Altius Properties Private Limited. According to ministry of corporate affairs, he has also served as additional director of Capri Global Capital Limited for one day in 2009 and managing director of Capri Global Investment Advisors Private Limited.