Bank fraud: CBI carries out searches at premises of Ratul Puri, others

The CBI on Friday carried out searches at seven locations including the premises of Congress leader Kamal Nath's nephew Ratul Puri after booking him and his parents in an alleged bank fraud of Rs 787 crore involving his company Moser Baer Solar Ltd, officials said.

Besides Ratul Puri, former Independent Director in the company, the agency has booked his mother Nita Puri -- Nath's sister -- and his father Deepak Puri who were also directors and independent directors in the company at different points of time.

After filing an FIR on a complaint from Punjab National Bank, one of the consortium members which funded the company, the agency teams swung into action and carried out searches at seven locations including the premises of the Puris in the posh New Friends Colony area of the national capital, they said.

The searches were spread across Delhi, Noida, Ghaziabad and Annupur (Madhya Pradesh), they said.

Taking into consideration the coronavirus pandemic, the officers wore personal protective equipment braving sultry weather in the capital and Madhya Pradesh, they said.

Besides, the Puris the agency has also booked Sunita Gupta, Deepak Khandelwal, Rajesh Khandelwal, Sunita Mowdgal, Sanjay Jain, all directors and independent directors in the company, and Bernhard Hermann Gallus, a resident of Spain who was additional director in the company till 2014.

Ratul Puri had ceased to be the Independent Director in 2012, they said.

He is already facing a separate probe by the CBI in connection with a Rs 354-crore bank fraud case involving Moser Baer India Ltd.

When asked for comments, Ratul Puri's counsel did not offer any reaction on the development.

According to the complaint, nine banks had funded Moser Baer Solar Ltd for setting up a solar line with an annual capacity of 90 MW.

The company had even approached Corporate Debt Restructuring mechanism under the Reserve Bank of India to seek relief which was granted. When it was unable to repay the debts, the banks carried out a forensic audit which submitted its report in June last year.

"It was alleged that the said accused had cheated the Punjab National Bank led consortium comprising PNB (lead bank), SBI, Exim Bank, Indian Overseas Bank, Central Bank of India, Union Bank of India, and Bank of Baroda to the tune of Rs 787.25 crore(approx) by way of diversion of bank funds, sham transactions and inflated security deposits etc," CBI spokesperson R K Gaur said.

The PNB has claimed in its complaint that as on August 31, 2019 it has an outstanding of over Rs 236 crore, State Bank of India of over Rs 142 crore, EXIM bank over Rs 128 crore, Indian Overseas Bank over Rs 157 crore, Bank of Baroda over Rs 7.42 crore, Union Bank of India over 36.59 crore and Central Bank of India over Rs 78.53 crore.

"It is clear that the accused persons in connivance with each or any other person have committed various criminal offences, hereby caused wrongful gain to themselves and wrongful loss to lenders to the tune of Rs 787.25 crore as on August 31, 2019 and interest thereon," the complaint, which is now part of the FIR, alleged.