CBI FIR against Vadodara-based firm linked with DPIL for bank fraud

The CBI has registered an FIR against Vadodara-based Mayfair Leisures Ltd and its directors for allegedly cheating the Bank of India to the tune of Rs 54.19 crore.

The firm is associated with Diamond Power Infrastructure Ltd (DPIL) whose three directors— Amit Bhatnagar and his two sons Sumit and Suresh— are already facing a CBI investigation for allegedly duping a consortium of 24 banks to the tune of over Rs 3,000 crore.

Among those who have been booked by the economic wing of CBI, Gandhinagar, are Madhurilata Suresh Bhatnagar, Mona A Bhatnagar, Richa A Bhatnagar and Namo Narain Bhatnagar.

They have been booked for criminal conspiracy, criminal breach of trust by a public servant, cheating, forgery, criminal misconduct on the part of borrower company Mayfair Leisures Ltd and its director and guarantors.

The FIR has been lodged by an official from the Bank of India.

The FIR states that “The complainant prima facie reveals that Mayfair Leisures Ltd and its directors/guarantors namely Rajesh Nimkar, Madhurilata Suresh Bhatnagar, Mona A Bhatnagar. Richa A Bhatnagar, Namo Narain Bhatnagar, Sangram Jayraj Barot and Northway Spaces Ltd in connivance with unknown public servants of Bank of India and others have availed bank finance and diverted the bank funds to group companies for unlawful enrichment and wrongful gain to company/its directors/Group companies and thereby causing wrongful loss of Bank of India.”

The bank has accused Mayfair of diverting a loan sanctioned to construct a five-star hotel in Vadodara in 2012.

The FIR describes that Mayfair had proposed the hotel in Vadodara “to be managed and operated by “Marriott” under its brand name “Courtyard by Marriott.”

A total of Rs 112.93 crore loan had been sanctioned. The FIR states that the amount of Rs 54 crore obtained through the bank was illegally diverted to group companies.

Meanwhile, the father-sons trio of DPIL is out on bail. Amit Bhatnagar was granted bail on health grounds, while his sons are out on interim bail.